Vertex Energy Inc VTNR shares are trading higher on Tuesday after the company reported better-than-expected Q4 EPS results.
Vertex Energy reported quarterly earnings of $0.56 per share which beat the analyst consensus estimate of $0.40 per share.
“Our fourth quarter financial results reflect the continued safe, smooth operations at the facility, attractive product yields following the maintenance operations completed in the prior period and the continuation of near record refining margins during the quarter,” said Benjamin Cowart, president and CEO of Vertex Energy.
“We remain on track to begin the production of renewable diesel in the second quarter of this year while continuing to benefit from an extremely attractive macro environment facing the conventional fuels business for the foreseeable future.”
For Q1 of 2023, Vertex expects capital expenditures to be in a range of $30 million to $35 million.
Based on current data and projected trends, company management believes that several ongoing factors will continue to support a robust refined product margin environment for the U.S. refining complex in the near to medium term.
Primary market drivers include continued strength in global refined product demand, reduced capacity in global refining throughput and below average levels of domestic inventories of refined products including gasoline and distillate.
As a result, management continues to expect a historically elevated margin environment for the first quarter of 2023 and into the second quarter.
See Also: Why Progyny Shares Are Trading Higher Today
VTNR Price Action: Vertex has a 52-week high of $18.10 and a 52-week low of $5.42.
Vertex shares are up 17.8% at $9.68 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Vertex Energy.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.