Western Refining Q2 Profit Rises, But Misses Estimates - Quick Facts

(RTTNews) - Western Refining, Inc. (WNR) Tuesday posted second-quarter net earnings attributable to the company of $156.7 million or $1.56 per share, higher than $149.3 million or $1.46 per share a year ago.

Excluding special items for the quarter, which mainly included a non-cash, unrealized pre-tax hedging gain of $45.4 million, net income attributable to Western was $128.8 million or $1.29 per share. 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 advanced to $4.35 billion from $2.42 billion last year. Analysts estimated revenues of $3.29 billion for the quarter.

Looking forward, Jeff Stevens, Western's President and Chief Executive said: "The third quarter is off to a strong start. Our refineries are running well and the WTI Midland/Cushing differential has continued to widen during the quarter. 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."

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