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研究快訊:Dino:第一季煉油利潤率強勁

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-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下:DINO第一季業績表現卓越,調整後每股收益為0.69美元,遠超市場預期的虧損0.27美元,超出預期0.74美元;調整後EBITDA從2.01億美元增長至4.26億美元,增幅超過一倍。煉油業務引領復甦,實現營業收入5.14億美元,而上年同期虧損3,000萬美元。儘管各區域業績已分化,西部地區利潤率增至每桶14.61美元,而中部地區利潤率則壓縮至每桶3.58美元。我們認為,強勁的業績反映了煉油基本面的改善以及再生能源監管的利多。再生能源業務扭虧為盈,實現營業收入1.82億美元,受益於銷售成長、利潤率提高以及上年同期4,900萬美元的生產者稅收抵免。營運現金流維持強勁,達4.57億美元,足以覆蓋1.67億美元的股東回報,同時資產負債表也得到改善,現金增加至11.5億美元。我們預計,再生柴油需求的良好成長勢頭以及小型煉油廠可再生燃料識別碼(RINs)豁免政策將繼續帶來利好。

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