On November 2, 2023, PBF Energy Inc. (PBF, Financial) announced its third-quarter 2023 results. The company reported income from operations of $1,077.1 million, compared to $1,400.0 million for the third quarter of 2022. The net income for the quarter was $794.1 million, with net income attributable to PBF Energy Inc. of $786.4 million or $6.11 per share. This is a decrease from the net income of $1,084.2 million, and net income attributable to PBF Energy Inc. of $1,056.4 million or $8.40 per share for the third quarter of 2022.
Financial Highlights
PBF Energy Inc. also announced a 25% increase in its quarterly dividend to $0.25 per share. The company has reduced its debt by approximately $170 million and repurchased approximately 14.3 million shares for approximately $590 million. PBF's St. Bernard Renewables reported profitability in its first full quarter of operations.
Income Statement Summary
The company reported revenues of $10,733.5 million for the third quarter of 2023. The cost of products and other expenses stood at $8,720.3 million, with operating expenses (excluding depreciation and amortization expense) at $645.3 million. The company's net income for the quarter was $794.1 million.
Balance Sheet Summary
As of September 30, 2023, PBF Energy Inc. had cash and cash equivalents of $1,892.5 million. The company's total assets were $14,692.8 million, with total debt at $1,243.0 million and total equity at $6,861.8 million.
Company's Outlook
PBF Energy's President and CEO, Matt Lucey, stated,
With the financial results of the third quarter, PBF has further strengthened its financial condition, while continuing to invest in our assets. We reduced and extended maturities of our debt and increased liquidity."He added that the company is committed to generating long-term value for its investors through prudent capital allocation.
Dividend Declaration
The company announced that it will pay a quarterly dividend of $0.25 per share of Class A common stock on November 30, 2023, to holders of record at the close of business on November 15, 2023.
Explore the complete 8-K earnings release (here) from PBF Energy Inc for further details.
