Alon USA swings to profit
Non-GAAP net profit was $36.1 million ($0.58 per share) in the fourth quarter of 2012 compared with a net loss of $43.7 million in the corresponding quarter.
Fourth quarter revenue rose to $1.95 billion from $1.88 billion for the corresponding quarter of 2011. GAAP-based net profit was $22.2 million ($0.35 per share) for the fourth quarter compared with a net loss of $12.9 million for the corresponding quarter, and non-GAAP net profit was $36.1 million ($0.58 per share) compared with a net loss of $43.7 million in the corresponding quarter.
Full-year revenue rose to $8.07 billion from $7.1 billion in 2011. GAAP-based net profit rose to $79.1 million ($1.29 per share) in 2012 from $42.5 million in 2011, and non-GAAP net profit quadrupled to $127.4 million ($2.13 per share) from $30.9 million.
The company beat the analysts' revenue and earnings per share consensus of $0.57 earnings per share on $1.85 billion revenue for the fourth quarter and $2.04 earnings per share on $7.88 billion revenue for the year.
Alon USA president and CEO Paul Eisman said, "In the fourth quarter we successfully completed the initial public offering of Alon USA Partners LP (NYSE: ALWD). This transaction highlighted the value of the assets of Alon USA Partners, LP; we sold approximately 18% of the units, and used the entire proceeds to reduce debt. We are very pleased with our results in 2012 and are especially satisfied that we were able to strengthen our balance sheet by reducing total debt by $463 million, net debt by $422 million, and also reducing net debt to total capitalization to 43%."
Published by Globes [online], Israel business news - www.globes-online.com - on March 7, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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