HF Sinclair (DINO) Q3 2024 earnings summary

Executive summary

• Reported a Q3 net loss attributable to shareholders of $75.9 million or $(0.40) per diluted share, compared to net income of $790.9 million in Q3 2023; adjusted net income was $96.5 million ($0.51 per share), down from $760.4 million year-over-year.

• Strong performance in Marketing, Midstream, and Lubricants & Specialties segments helped offset weaker global refining margins.

• Renewables segment saw record sales volumes and feedstock optimization, but margins were pressured by weak RINs and LCFS prices.

• Continued execution of integration and optimization strategies, with a focus on safe, reliable operations and cost management.

• $221.8 million returned to shareholders in Q3 through dividends and share repurchases; $0.50 quarterly dividend announced.

Financial highlights

• Q3 2024 sales and other revenues were $7.21 billion, down 19% from $8.91 billion in Q3 2023.

• Adjusted EBITDA was $316 million, down from $1.2 billion in Q3 2023; EBITDA was $98.6 million, down 92% year-over-year.

• Net cash from operations totaled $708 million, including $90 million in turnaround spend; capital expenditures were $124 million.

• Cash and cash equivalents at quarter-end were $1.23 billion; total debt was $2.64 billion; liquidity at $3.7 billion.

• Q3 2024 basic and diluted EPS was $(0.40), down from $4.23 in Q3 2023.

Outlook and guidance

• Q4 2024 refining throughput guidance: 565,000–600,000 barrels/day, reflecting planned El Dorado turnaround.

• Full-year 2024 sustaining capital expected at $800 million, with $75 million in growth capital.

• Capital spending run rate of $800–$875 million expected to continue into 2025.

• Renewables segment anticipates continued margin pressure from weak RINs and LCFS prices.

• Marketing segment projects 10% growth in branded sites over the next 6–12 months.