Western Refining Q2 Profit Rises, But Misses View - Update

(RTTNews) - Western Refining, Inc. (WNR) Tuesday reported higher second-quarter profit as sales surged from last year. Adjusted earnings, however, missed analysts' expectations.

For the second quarter, net income attributable to the company increased to $156.7 million or $1.56 per share from $149.26 million or $1.46 per share a year ago.

Excluding special items, adjusted earnings were $1.29 per share, while the company posted $1.25 per share last year. Special items for the recent quarter consisted mainly of a non-cash, unrealized pre-tax hedging gain of $45.4 million.

On average, 11 analysts polled by Thomson Reuters expected earnings per share of $1.31 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly sales surged to $4.35 billion from $2.43 billion last year. Analysts estimated revenues of $3.29 billion for the quarter. Western's consolidated results included results of both Western Refining Logistics, LP (WNRL) and Northern Tier Energy LP (NTI).

Total operating costs and expenses climbed to $4.04 billion from $2.16 billion a year ago.

Further, the board declared a dividend of $0.26 per share for the third quarter.

Jeff Stevens, president and chief executive officer of the company said, "One of our key growth priorities for 2014 is the ongoing expansion of our crude oil gathering capabilities in the fast-growing Permian and San Juan Basins."

"Overall, we are well-positioned to benefit from the strong margin environment, allowing us to continue to invest in our business and return cash to shareholders," Stevens said.

WNR closed Monday's regular trading at $41.16.