HF Sinclair Corporation, trading under the ticker symbol DINO, recently released its third-quarter financial results, revealing a year-over-year revenue decline of 19% to $7.207 billion. Despite this decrease, the company exceeded market expectations, surpassing the consensus estimate of $6.833 billion. One of the key metrics, Adjusted EBITDA, experienced a significant drop of 74% from the previous year, culminating in $316 million for the quarter. The decline in EBITDA was prominently observed in the Refining segment, which saw its adjusted EBITDA plummet from $1.01 billion to $110 million. This downturn was primarily attributed to a contraction in refinery gross margins within the West and Mid-Continent regions, influenced by an oversupply of transportation fuels on a global scale.

The Lubricants and Specialty Products segment also faced challenges, with its EBITDA decreasing to $76.2 million from $117.5 million, largely due to a $26.7 million FIFO charge. Nonetheless, the impact of this charge was somewhat mitigated by increased sales volumes and a better sales mix. Adjusted Earnings Per Share (EPS) came in at $0.51, outperforming the consensus figure of $0.32. The company's operating cash flow for the quarter amounted to $707.6 million. At the end of the quarter, as of September 30, HF Sinclair had cash and equivalents totaling $1.229 billion. The corporation distributed $95.3 million in dividends and allocated $126.5 million for share repurchases, with its consolidated debt standing at $2.637 billion.

Additionally, HF Sinclair declared a dividend of $0.50 per share, scheduled for payment on December 4, 2024, to shareholders on record as of November 21, 2024. Tim Go, the Chief Executive Officer of HF Sinclair, expressed satisfaction with the financial and operational performance of the company. He emphasized the strong and consistent earnings across their Marketing, Midstream, and Lubricants & Specialties segments. Looking ahead, he reiterated the company's commitment to maintaining safe and reliable operations, asserting that the diversification of their business portfolio positions them well to generate sustainable cash flows and deliver ongoing returns to their shareholders. In terms of market response, DINO shares saw a modest increase, trading higher by 0.71% to reach $41.11 during the last check on Thursday.