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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Western Refining Announces First Quarter 2013 Results

EL PASO, Texas, May 2, 2013 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR) today reported first quarter 2013 net income, excluding special items, of $98.8 million, or $0.94 per diluted share. This compares to first quarter 2012 net income, excluding special items, of $85.1 million, or $0.81 per diluted share. Including special items, the Company recorded first quarter 2013 net income of $83.7 million, or $0.81 per diluted share, as compared to a net loss of $53.5 million, or $0.60 per diluted share for the first quarter of 2012. Special items in the first quarter of 2013 were $23.8 million which primarily consisted of $22.0 million in charges associated with the extinguishment of debt. A reconciliation of reported earnings and description of special items can be found in the accompanying financial tables.

Adjusted EBITDA was $242.7 million, a first quarter record, which compares to an Adjusted EBITDA of $183.0 million for the first quarter of 2012. The quarter-on-quarter improvement in both net income and Adjusted EBITDA was due in large part to higher refining margins resulting from cost-advantaged crude oils and strong product values in the Southwest U.S.

During the quarter, Western issued $350 million of 6.25% senior unsecured notes and used the proceeds to pay off existing 11.25% senior secured notes. The Company returned approximately $83 million in cash to shareholders through a first quarter dividend and by share repurchases. Also in the quarter, the Board of Directors authorized and directed Western management to explore the formation of a traditional master limited partnership. In March, Western completed a major turnaround of the north side of the El Paso refinery.

Jeff Stevens, Western's President and Chief Executive Officer, said, "Western delivered another strong quarter as we continued to build on the momentum of our outstanding 2012 financial performance. During the first quarter, we took a number of steps that we believe will have a long-term positive impact for the Company. Our ability to refinance our long-term debt, on an unsecured basis and at a 6.25% rate, is a clear reflection of our balance sheet improvements and the positive outlook the market has for Western. The refinancing will result in approximately $15 million in annual interest expense savings and will give us even more financial flexibility."

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,880.36 -31.75 -0.19%
S&P 500 1,970.07 +0.12 0.01%
NASDAQ 4,462.9020 +20.2040 0.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs