FX.co ★ PBF Energy Inc. Q1 Profit Decreases, but beats estimates

PBF Energy Inc has announced its earnings for the first quarter which, although lower than last year's figures, have surpassed Wall Street predictions. The company's earnings came to a total of $106.6 million, or $0.86 per share, a considerable reduction when compared to the $382.1 million, or $2.86 per share, amassed in the first quarter of last year.

When special items are excluded, PBF Energy Inc. reported adjusted earnings of $106.4 million or $0.85 per share for the period.

Market analysts had predicted the company would earn an average of $0.66 per share, according to data accrued by Thomson Reuters. These estimates normally discount special items.

PBF Energy Inc. saw a decline of 7.0% in the company's revenue for this quarter, dropping to $8.65 billion from last year's $9.30 billion.

To summarize the earnings according to Generally Accepted Accounting Principles (GAAP), PBF Energy Inc. reported:

- First Quarter Earnings: $106.6 million, down from $382.1 million last year

- First Quarter Earnings Per Share (EPS): $0.86, down from $2.86 last year

- First Quarter Revenue: $8.65 billion, down from $9.30 billion last year.