Par Pacific Holdings Inc (PARR) Reports Q3 2023 Earnings: Net Income of $171.4 Million
Par Pacific Holdings Inc (NYSE:PARR) reported a net income of $171.4 million for Q3 2023, a decrease compared to $267.4 million for the same quarter in 2022.
Adjusted Net Income was $193.5 million, compared to $172.0 million in Q3 2022.
Record Adjusted EBITDA of $255.7 million, compared to $214.1 million in Q3 2022.
The company repurchased $27 million of common stock in Q3 2023 while reducing debt and increasing liquidity.
On November 7, 2023, Par Pacific Holdings Inc (NYSE:PARR) released its financial results for the quarter ended September 30, 2023. The company reported a net income of $171.4 million, or $2.79 per diluted share, a decrease from $267.4 million, or $4.47 per diluted share, for the same quarter in 2022. The Adjusted Net Income for Q3 2023 was $193.5 million, compared to $172.0 million in Q3 2022. The company also reported a record Adjusted EBITDA of $255.7 million, compared to $214.1 million in Q3 2022.
Company Performance and Financial Achievements
Par Pacific Holdings Inc (NYSE:PARR) reported exceptional financial results for Q3 2023, driven by outstanding performance from its businesses, including the accretive Billings acquisition. The strong earnings led to significant free cash flow generation, allowing the company to repurchase $27 million of common stock this quarter while reducing debt and increasing liquidity.
Segment Performance
The Refining segment reported an operating income of $194.8 million in Q3 2023, compared to $266.1 million in Q3 2022. The Retail segment reported operating income of $13.3 million in Q3 2023, compared to $17.3 million in Q3 2022. The Logistics segment reported operating income of $20.7 million in Q3 2023, compared to $17.6 million in Q3 2022.
Financial Position
As of September 30, 2023, Par Pacifics cash balance totaled $347.1 million, gross debt was $552.2 million, and total liquidity was $778.2 million. Net debt was $205.0 million at September 30, 2023. The company repurchased $27.3 million of common stock during Q3 2023.
Summary of Financial Tables
The company reported revenues of $2,579,308 for Q3 2023, compared to $2,056,285 for the same period in 2022. Operating expenses for Q3 2023 were $2,382,435, compared to $1,772,114 for Q3 2022. The company's net income for Q3 2023 was $171,415, compared to $267,396 for Q3 2022.
Conclusion
Despite a decrease in net income compared to the same quarter in the previous year, Par Pacific Holdings Inc (NYSE:PARR) reported strong financial results for Q3 2023, with a record Adjusted EBITDA and significant free cash flow generation. The company's strategic acquisitions and operational efficiency have contributed to its financial performance, positioning it for future growth.
Explore the complete 8-K earnings release (here) from Par Pacific Holdings Inc for further details.
This article first appeared on GuruFocus.
