e.l.f. Beauty stock plummets 20% as revenue and guidance fall short of expectations
Investing.com -- Turkiye Petrol Rafinerileri AS ( Tupras ) reported strong third-quarter results with EBITDA of $544 million, exceeding Morgan Stanley estimates by 15.3% and consensus expectations by 21.6%.
The Turkish refiner’s performance was driven by robust refining margins of $9.7 per barrel, which were 20.7% higher than analyst estimates. The company’s plants operated at 100% utilization rates during the quarter.
Tupras has increased its full-year 2025 refining margin guidance to $6.0-6.5 per barrel, up from the previous range of $5.0-6.0 per barrel. The mid-range of this updated guidance aligns with Morgan Stanley estimates but sits 9.3% above market consensus.
The company’s net cash position reached $1.77 billion, surpassing the expected $1.35 billion.
Additionally, Tupras reduced its capital expenditure guidance for 2025 to $480 million from $600 million, citing the postponement of certain investments.
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