Gold prices just lower; monthly gains on track
NEW YORK - PBF Energy Inc. (NYSE:PBF) reported a wider-than-expected fourth-quarter loss and missed revenue estimates on Thursday as the refining company faced challenging market conditions in 2024.
The Parsippany, New Jersey-based company posted an adjusted loss of $2.82 per share for the fourth quarter, significantly worse than the analyst estimate of a $1.97 per share loss. Revenue for the quarter came in at $7.35 billion, falling short of the consensus estimate of $7.76 billion.
PBF Energy reported a fourth-quarter loss from operations of $383.2 million, compared to a loss of $47.2 million in the same period last year. Excluding special items, the fourth-quarter loss from operations widened to $427.9 million from $46.1 million a year ago.
For the full year 2024, PBF Energy reported a loss from operations of $699.0 million, a stark contrast to the income from operations of $2,951.5 million in 2023.
The company declared a quarterly dividend of $0.275 per share, payable on March 14, 2025, to shareholders of record as of February 27, 2025.
The company ended 2024 with approximately $536 million in cash and $921 million in net debt. PBF Energy returned over $60 million to stockholders through dividends and share buybacks in the fourth quarter and approximately $450 million for the full year.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.