This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Delek US Holdings Reports Record Net Income For Fourth Quarter And Full-Year 2012

Delek US Holdings, Inc. (NYSE: DK) (“Delek US”) a diversified energy company with assets in the petroleum refining, logistics and retail industries, today announced financial results for the fourth quarter and full-year 2012.

For the three months ended December 31, 2012, Delek US reported record fourth quarter net income of $64.3 million, or $1.06 per diluted share, versus a net loss of $(6.0) million, or $(0.10) per basic share, in the fourth quarter 2011. Fourth quarter 2012 results were reduced by approximately $2.1 million after tax, or $0.03 per share through the combination of costs related to the initial public offering of Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”) and an increase in our effective tax rate.

Delek US announced today that its Board of Directors declared a special cash dividend of $0.10 per share. Shareholders of record on March 26, 2013 will receive this cash dividend payable on April 16, 2013.

For the fourth quarter 2012, this increase in earnings compared to the prior year period was primarily attributed to improved margins in the refining segment due to more stability in crude oil price differentials and a more diverse crude slate that included West Texas Intermediate ("WTI") Midland sourced supply. In contrast, fourth quarter 2011 presented a challenging environment as a narrowing in crude oil price differentials and a decline in regional asphalt prices adversely affected refining margins.

For the full year 2012, Delek US reported record net income of $272.8 million, or $4.57 per diluted share, versus net income of $158.3 million, or $2.78 per diluted share in 2011. This represents a 64 percent increase in earnings per share from 2011.

As of December 31, 2012, Delek US had a cash balance of $601.7 million and total debt of $362.2 million, resulting in net cash of $239.5 million. This was a $446.2 million improvement from a $206.7 million net debt position at December 31, 2011. Strong cash flow from refining operations and proceeds of $175.5 million received in connection with the completion of Delek Logistics' initial public offering on November 7, 2012, were the primary factors accounting for this improvement. At December 31, 2012, Delek Logistics had a cash balance of approximately $23.5 million and approximately $90.0 million of debt, which is included in the consolidated amounts on Delek US' balance sheet.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs