Shares of PBF Energy Inc (NYSE: PBF) soared 5.13% in pre-market trading on Monday, November 6, 2024, despite the company reporting weaker-than-expected third-quarter earnings on October 31.
The refining company reported an adjusted loss of $1.50 per share for Q3 2024, wider than the consensus estimate of $1.40 loss per share. Revenues of $8.38 billion also fell short of the prior year's $10.73 billion but beat analysts' expectations.
The disappointing earnings were mainly due to lower throughput volumes and a decline in refining margins. However, the company's efforts to reduce costs and expenses partially offset the negative impact.
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