Why Delek US (DK) Shares Are Gaining Today - Delek US Hldgs (NYSE:DK)

Delek US Holdings Inc DK reported Q1 2023 adjusted EPS of $1.37, better than the loss of $(0.35) last year and beat the consensus of $1.02.
Net revenues declined to $3.92 billion in the quarter from $4.46 billion in the prior-year quarter, exceeding the consensus of $3.09 billion.
Adjusted EBITDA rose significantly to $284.6 million from $83.6 million a year ago.
The refining segment's adjusted EBITDA rose to $230.2 million from $39.2 million in the prior year, led by increased refining crack spreads (average benchmark crack spreads rose 29.6% Y/Y).
Adjusted EBITDA in the logistics segment increased to $91.4 million from $64.0 million a year ago on solid contributions from the Midland Gathering system and the 3 Bear Delaware Holding acquisition.
Cash and cash equivalent stood at $865.0 million at the end of the quarter.
Cash flow from operations increased to $395.1 million vs. $26.8 million in the prior year quarter.
Repurchase: Subsequent to the quarter-end, Delek repurchased shares worth $40.0 million.
Dividend: The board of directors increased the quarterly dividend per share by 4.5% to $0.23, payable on May 22, 2023, to shareholders of record as on May 15, 2023.
"We delivered a strong quarter. Our team executed well, we captured favorable refining margins, and generated record contributions from the Logistics business. Having safe, reliable and environmentally responsible operations is a top priority for us, and in the first quarter we successfully completed a significant turnaround at the Tyler refinery with zero process and safety incidents," said Avigal Soreq, President and CEO.
Price Action: DK shares are trading higher by 5.83% at $22.05 on the last check Monday.

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Why Delek US Shares Are Gaining Today