NEW YORK - Delek US Holdings Inc . (NYSE: NYSE:DK) reported a narrower-than-expected loss for the third quarter, sending shares up 2% in premarket trading on Wednesday.
The oil refiner posted an adjusted loss of $1.45 per share, beating analyst estimates for a loss of $1.66 per share. Revenue came in at $3.04 billion, below expectations of $3.24 billion.
Delek's refining segment was hit by lower crack spreads, with adjusted EBITDA falling to $10.2 million from $296.1 million a year ago. However, the logistics segment saw adjusted EBITDA rise to $106.1 million from $96.5 million last year.
"We are excited about the significant progress we have made on our 'Sum of the Parts' efforts, operational improvements & cost reductions," said CEO Avigal Soreq. He noted the company is focused on maximizing value in its logistics business and implementing an enterprise optimization plan.
During the quarter, Delek completed several strategic transactions, including selling its retail assets for $390 million and dropping down its Wink to Webster pipeline interest to Delek Logistics (NYSE:DKL) Partners.
The company paid $16.4 million in dividends and announced a regular quarterly dividend of $0.255 per share.
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