HF Sinclair reports 19% revenue decline in Q3 but beats earnings expectations

HF Sinclair Corporation reported a 19% decline in third-quarter revenue, totaling $7.207 billion, surpassing expectations of $6.833 billion. Adjusted EBITDA dropped 74% year-over-year to $316 million, primarily due to lower refinery margins. The Refining segment's adjusted EBITDA fell sharply to $110 million from $1.01 billion last year. The Lubricants and Specialty Products segment also saw a decrease, with EBITDA down to $76.2 million from $117.5 million in 2023. Despite these declines, adjusted earnings per share were $0.51, exceeding the forecast of $0.32. The company declared a dividend of $0.50 per share, payable on December 4, 2024.