Delek US reports record net profit
Second quarter net profit rose to $69 million on $2.13 billion revenue.
Revenue rose to $2.13 billion for the second quarter from $1.85 billion for the corresponding quarter of 2011. GAAP-based net profit rose to $67.8 million ($1.15 per share) for the second quarter from $62.1 million for the corresponding quarter, and non-GAAP net profit rose to $69 million ($1.17 per share) from $52.9 million for the corresponding quarter.
Delek US had $321.1 million in cash and cash equivalents at the end of June and $422.8 million in debt.
Delek US president and CEO Uzi Yemin noted the company's recent business developments. "First, we announced our third special dividend during the last 14 months. Second, we filed a registration statement for the initial public offering of our logistics assets [Delek Logistics Partners LP]. Finally, we completed both of our previously announced 'quick hit' projects on time and under budget. Both the LSR (liquid straight run) project at El Dorado and the VTB (vacuum tower bottom) project at our Tyler refinery were completed in July and should deliver incremental cash flows in the future."
Delek US's share price was unchanged yesterday at $21.78, giving a market cap of $1.3 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on August 8, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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