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Nov 6 (Reuters) - Refiner Holly Corp. HOC.N reported lower third-quarter profit that missed Wall Street expectations, hurt by a decline in refined product margins.
Refining margins fell from record highs reached in May as the summer driving season ended, oil prices surged and gasoline prices did not keep up with the price increases.
Holly’s overall refinery gross margins for the latest third quarter fell to $12.84 per produced barrel, from $17.75 per produced barrel in the same period last year.
For the latest third-quarter, the Dallas, Texas-based company reported net income of $58.1 million or $1.04 a share, compared with $79.0 million or $1.37 a share last year.
Holly’s sales and other revenue rose 3 percent to $1.21 billion.
Sales would have been higher if volumes had not been hurt by lost production resulting from downtime at the Navajo refinery due to a power outage in the current quarter, the company said.
Analyst were expecting the company to earn $1.15 a share, on revenue of $1.01 billion, according to Reuters Estimates.
Shares of the company, which have risen 24 percent so far this year, were down 1.19 percent at $62.99 in early trade on the New York Stock Exchange. (Reporting by Hezron Selvi in Bangalore)