HF Sinclair beats second-quarter profit estimates on higher refining margins
(Reuters) -Refiner HF Sinclair beat Wall Street estimates for second-quarter profit on Thursday, helped by higher refining margins.
Top U.S. refiners were expected to post higher second-quarter profits, rebounding from first-quarter losses as stronger-than-expected diesel margins lifted earnings. The improved margins helped peers such as Valero Energy (NYSE:VLO) surpass Wall Street estimates.
Fuel makers have seen an unexpected boost in profits from key products in recent months, offering relief after earnings retreated from 2022 highs driven by a post-pandemic demand rebound and supply disruptions following Russia’s invasion of Ukraine.
The company reported adjusted profit of $1.70 per share for the three months ended June 30, compared with analysts’ average estimate of $1.02 per share, according to data compiled by LSEG.
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