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HF Sinclair 8-K Report, Financial Results (Oct 31, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 31, 2024
Period End
October 31, 2024
Security
DINO
In the record · 2022–202610-K410-Q158-K125

DINO filed 4 annual reports (10-K), 15 quarterly reports (10-Q) and 125 current reports (8-K) between 2022 and 2026.

  1. Leadership change8-K · Mar ’22Mar ’22
  2. Material agreement8-K · Mar ’23Mar ’23
  3. Leadership change8-K · May ’24May ’24
  4. Material agreement8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed October 31, 2024. Cited figures are marked; the original filing is the authoritative source.

HF Sinclair Corporation reported a third quarter 2024 net loss attributable to HF Sinclair stockholders of $(75.9) million, or $(0.40) per diluted share, for the quarter ended September 30, 2024, compared to net income of $790.9 milliona, or $4.23 per diluted share, in the third quarter of 2023.

Excluding non-GAAP adjustments, adjusted net income attributable to HF Sinclair stockholders was $96.5 millionb, or $0.51 per diluted share, versus $760.4 million, or $4.06 per diluted share, a year earlier. Reported EBITDA was $98.6 million and Adjusted EBITDA was $316.0 million for the quarter. Sales and other revenues declined to $7.21 billion from $8.91 billion.

The company attributed the weaker results mainly to the Refining segment, where adjusted refinery gross margin fell to $10.79c per produced barrel sold from $26.27, driven by high global supply of transportation fuels. Management highlighted strong and consistent earnings from the Marketing, Midstream and Lubricants & Specialties segments. The company returned $221.8 million to stockholders through dividends and share repurchases in the quarter, and its Board declared a regular quarterly dividend of $0.50 per share, payable December 4, 2024 to holders of record on November 21, 2024.

Cash and cash equivalents were $1.23 billiond at September 30, 2024, down from $1.35 billion at December 31, 2023, and consolidated debt was $2.64 billion. Net cash provided by operations for the quarter was $707.6 million. The filing furnishes the third quarter 2024 earnings press release as Exhibit 99.1 under Item 2.02, and that information is not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.

02—Key points

Key Highlights

  1. Q3 2024 net loss attributable to HF Sinclair stockholders of $(75.9) million, or $(0.40) per diluted share, versus net income of $790.9 million, or $4.23 per diluted share, in Q3 2023.
  2. Adjusted net income attributable to HF Sinclair stockholders was $96.5 million, or $0.51 per diluted share, compared with $760.4 million, or $4.06 per diluted share, a year earlier.
  3. Adjusted EBITDA was $316.0 million for the quarter, versus $1.21 billion in Q3 2023; reported EBITDA was $98.6 million.
  4. Refining adjusted refinery gross margin fell to $10.79 per produced barrel sold from $26.27, reflecting high global supply of transportation fuels; Refining segment Adjusted EBITDA was $110.0 million versus $1.01 billion.
  5. Sales and other revenues were $7.21 billion, down from $8.91 billion in the prior-year quarter.
  6. Returned $221.8 million to stockholders in the quarter through dividends and share repurchases; declared a regular quarterly dividend of $0.50 per share, payable December 4, 2024.
  7. Cash and cash equivalents of $1.23 billion at September 30, 2024, with consolidated debt of $2.64 billion.

03—Questions

Frequently Asked Questions

  1. Did HF Sinclair report a profit or loss in the third quarter of 2024?

    HF Sinclair reported a net loss attributable to HF Sinclair stockholders of $(75.9) million, or $(0.40) per diluted share, for the quarter ended September 30, 2024. Excluding the adjustments in the earnings release table, adjusted net income was $96.5 million, or $0.51 per diluted share.

  2. What drove the decline in earnings compared with the third quarter of 2023?

    The filing attributes the decline principally to the Refining segment, where lower adjusted refinery gross margins in both the West and Mid-Continent regions resulted from high global supply of transportation fuels across the industry. Refining segment income before interest and income taxes was $(212.1) million, compared with income of $916.1 million a year earlier.

  3. What dividend did the company declare?

    The Board of Directors declared a regular quarterly dividend of $0.50 per share, payable on December 4, 2024 to holders of record of common stock on November 21, 2024.

  4. Which segments performed well in the quarter?

    CEO Tim Go cited strong and consistent earnings in the Marketing, Midstream and Lubricants & Specialties segments. Midstream Adjusted EBITDA was $111.6 million versus $100.9 million a year earlier, and Marketing EBITDA was $22.1 million versus $21.1 million. Lubricants & Specialties EBITDA declined to $76.2 million from $117.5 million, including a $26.7 million FIFO charge.

  5. How much capital did the company return to shareholders and how is its balance sheet positioned?

    The company returned $221.8 million to stockholders through dividends and share repurchases in the third quarter, including $95.3 million of dividends and $126.5 million of share repurchases. At September 30, 2024, cash and cash equivalents were $1,229.5 million and consolidated debt was $2,636.8 million, with total equity of $9.67 billion.

04—Continue

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