Western Refining Q1 Profit Tops View - Quick Facts

(RTTNews) - Western Refining, Inc. (WNR) Tuesday said first-quarter net income attributable to the company increased to $106.0 million, or $1.11 per share from $85.5 million, or $0.88 per share for the first quarter of 2014.

Adjusted earnings totaled $1.18 per share, while it totaled $0.44 per share last year. On average, 11 analysts polled by Thomson Reuters expected earnings of $1.16 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales dropped to $2.319 billion from $3.725 billion in the prior year. Analysts expected revenues of $2.48 billion.

Jeff Stevens, Western's President and Chief Executive Officer, said, "The first quarter was an outstanding start to 2015 for Western, both operationally and financially. Our refineries operated very well, margins were good, and expenses were in line with expectations."

Looking ahead, the company said the second quarter is off to an exceptionally strong start. In the southwest US, gasoline demand is up and the firm is seeing strong gasoline margins in the second quarter.