HF Sinclair Corp (DINO, Financial) released its Q3 2023 earnings report on November 2, 2023. The company reported a net income attributable to HF Sinclair stockholders of $790.9 million, or $4.23 per diluted share, a decrease from $954.4 million, or $4.45 per diluted share, for the same quarter in 2022.
Financial Performance
The company reported EBITDA of $1,245.6 million and Adjusted EBITDA of $1,206.5 million for the third quarter, showing a decrease from the previous year. Despite the decrease in net income and EBITDA, HF Sinclair returned $669.2 million to stockholders through dividends and share repurchases in the third quarter. The company also announced a regular quarterly dividend of $0.45 per share.
Segment Performance
The Refining segment reported an income before interest and income taxes of $915.9 million for Q3 2023, a decrease from $1,344.1 million for the same period in 2022. The Renewables segment reported an income before interest and income taxes of $3.1 million for Q3 2023, a significant improvement from a loss of $(49.3) million for Q3 2022. The Marketing segment reported an income before interest and income taxes of $15.1 million for Q3 2023, an increase from $3.9 million for Q3 2022.
Company's Outlook
CEO Tim Go commented on the company's performance, stating,
HF Sinclair generated strong third quarter results driven by solid performance across our refining, lubricants, HEP and marketing businesses which highlights the diversification of our portfolio. During the quarter, we also returned $669 million in cash to shareholders through share repurchases and dividends demonstrating our continued commitment to our cash return strategy and long-term payout ratio. Looking forward, we remain focused on executing our strategy of safe and reliable operations as we continue to integrate and optimize our assets across our portfolio."
Financial Position
As of September 30, 2023, the company's cash and cash equivalents totaled $2,214.8 million, a $600.1 million increase over cash and cash equivalents of $1,614.6 million at June 30, 2023. The company's consolidated debt was $3,169.8 million. HF Sinclair also announced that its Board of Directors declared a regular quarterly dividend in the amount of $0.45 per share, payable on December 5, 2023 to holders of record of common stock on November 16, 2023.
Explore the complete 8-K earnings release (here) from HF Sinclair Corp for further details.
