UPDATE 2-Holly Corp Q4 profit beats Street view, shares rise

martes 19 de febrero de 2008 18:11 CET

(Recasts; adds analyst's comments, updates share movement)

By Hezron Selvi

BANGALORE Feb 19 (Reuters) - Oil refiner Holly Corp HOC.N reported fourth-quarter profit that beat Wall Street's expectations, helped by stronger sales of refined products, higher prices and refining margins at its Woods Cross refinery, and increased usage of lower grade crude oil.

Shares of the company rose more than 12 percent to $53.30 in midday trade on the New York Stock Exchange. They touched an intra-day high of $53.91.

The company posted net income of $49.8 million, or 90 cents a share, well above analysts' average estimate of 63 cents.

Sales and other revenue rose 54 percent to $1.44 billion.

Analysts on average were expecting revenue of $1.08 billion, according to Reuters Estimates.

Volumes of produced refined products sold during the quarter rose 6 percent to an average of 124,120 barrels per day, while the average sales price increased 40 percent to $99.67 per produced barrel sold.

The gross margin at the Woods Cross refinery, Utah, rose to $17.28 per produced barrel from $15.05 in the year-ago quarter.   Continuación...