Before today's market open, the Parsippany, NJ-based petroleum refiner posted revenue of $4.51 billion, topping analysts' estimates of $4.08 billion.
PBF reported an adjusted net loss of 16 cents per diluted share, which was wider than the FactSet consensus for a loss of 3 cents per share.
Additionally, the company said it would pay a dividend of 30 cents per share on November 22 to shareholders of record as of November 8.
"It was a challenging refining environment in the third quarter, with the exception of the Gulf Coast, average benchmarks margins were down in every region and we experienced the added headwind of a 15% increase in the cost of compliance with the renewable fuels mandate," CEO Tom Nimbley said in a statement.
In the first three quarters of 2016, PBF spent $252.0 million to meet renewable fuel standards vs. the $171.6 million spent in the entirety of 2015, the company said in a conference call, Reuters reports.
The company plans to boost its product exports in coming months to cut its exposure to growing renewable standards costs in the U.S., Reuters notes.
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