07 May 2008 12:57 GMT
Frontier Oil 1Q EPS 44 cents; revenue rises to $1.19 billion
NEW YORK (Thomson Financial) - Frontier Oil Corp. Wednesday reported a lower first-quarter net income of $46 million, or 44 cents a share, including a hedging loss of 16 cents a share and an inventory gain of 60 cents a share.
The mean estimate of analysts polled by Thomson Reuters was for earnings of 12 cents a share.
Revenue for the oil refining company rose to $1.19 billion, above the $1.15 billion analyst estimate.
In the year-ago period, the company posted net income of $74.7 million, or 68 cents a share, on revenue of $1.05 billion. The company said earnings fell on lower refining margins and reduced throughput.
The results for the year-ago period include a hedging loss of 1 cent a share and a inventory gain of 2 cents a share.
Shares of Frontier Oil closed Tuesday at $26.51. The stock is down about 35% since the start of the year.