Western Refining Q1 Profit Up, Beats Estimates - Quick Facts

(RTTNews) - Western Refining, Inc. (WNR) Tuesday posted first-quarter net income attributable to Western of $85.5 million or $0.88 per share compared with $83.7 million or $0.81 per share in the first quarter of 2013.

For the first quarter, excluding special items, primarily comprising a non-cash unrealized pre-tax hedging gain of $74.0 million, the company's net income amounted to $40.3 million or $0.44 per share. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $0.40 for the quarter. Analysts'estimates typically exclude one-time items.

Net sales for the quarter rose to $3.72 billion from last year's $2.17 billion. Analysts estimated revenues of $2.32 billion for the quarter. Looking forward, Jeff Stevens, Western's President and Chief Executive said: "The second quarter is off to a strong start. Our refineries are running at capacity and the margin environment is strengthening as we move into the summer season. The WTI Midland/Cushing differential has widened during the quarter with April and May averaging over $8.80 per barrel and we are seeing stronger values for finished products in our regions."

Further, the board has recommended a dividend of $0.26 per share for the second quarter.