Western Refining, Inc (WNR) has reported 62.12 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $11.57 million, or $0.10 a share in the quarter, compared with $30.54 million, or $0.33 a share for the same period last year. Revenue during the quarter surged 59.98 percent to $2,328.53 million from $1,455.50 million in the previous year period. Gross margin for the quarter contracted 1024 basis points over the previous year period to 17.80 percent. Total expenses were 97.72 percent of quarterly revenues, up from 94.63 percent for the same period last year. That has resulted in a contraction of 309 basis points in operating margin to 2.28 percent.
Operating income for the quarter was $53.13 million, compared with $78.22 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $122.42 million compared with $98.29 million in the prior year period. At the same time, adjusted EBITDA margin contracted 150 basis points in the quarter to 5.26 percent from 6.75 percent in the last year period.
Jeff Stevens, Western's Chief Executive Officer, said, "Our integrated business model allowed us to deliver good first quarter results in spite of significant crack spread volatility during the quarter. Crack spreads increased in March after a difficult February. Crude oil differentials, particularly the Midland/Cushing and Bakken differentials, narrowed as compared to the first quarter of 2016."
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