Par Pacific Holdings, Inc.(PARR) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $27.79 million, or $ 0.58 a share in the quarter, against a net loss of $18.67 million, or $0.46 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $20.24 million, or $0.43 a share compared with $6.51 million or $0.16 a share, a year ago.

Revenue during the quarter surged 60.20 percent to $605.25 million from $377.81 million in the previous year period. Gross margin for the quarter expanded 780 basis points over the previous year period to 17.18 percent. Operating margin for the quarter period stood at positive 4.82 percent as compared to a negative 5.22 percent for the previous year period.

Operating income for the quarter was $29.19 million, compared with an operating loss of $19.72 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $32.35 million compared with $5.41 million in the prior year period. At the same time, adjusted EBITDA margin improved 391 basis points in the quarter to 5.34 percent from 1.43 percent in the last year period.

Commenting on the results, William Pate, Par Pacific's president and chief executive officer, said, "We had excellent performance from all of our business segments during this quarter. I would like to congratulate our team for their outstanding execution. As a whole, we have done a great job building on the momentum realized in the latter part of 2016, and we are pleased to see this trend continue in the current period. With two consecutive quarters of strong earnings, we are pleased to have generated significant free cash flow. Going forward, we will continue to highlight our operational flexibility, while prioritizing the strength of our balance sheet and investing for the long-term."