HF Sinclair (DINO) Q4 2023 earnings summary

Executive summary

• Q4 2023 reported net loss attributable to stockholders of $62.2M, or $0.34/diluted share; adjusted net income was $164.6M, or $0.87/diluted share.

• FY 2023 reported net income was $1,589.7M, or $8.29/diluted share; adjusted net income was $1,822.9M, or $9.51/diluted share.

• FY adjusted EBITDA reached $3,207.1M; $1,340.0M was returned to stockholders through dividends and repurchases.

Financial highlights

• Q4 revenue was $7,660.1M vs. $8,984.9M YoY; FY revenue was $31,964.4M vs. $38,204.8M.

• Q4 reported EBITDA was $128.4M and adjusted EBITDA was $427.7M; FY reported and adjusted EBITDA were $2,899.2M and $3,207.1M.

• Q4 operating loss was $77.4M vs. operating income of $827.1M YoY; FY operating income was $2,202.6M vs. $4,054.2M.

• Q4 operating cash flow totaled $230.7M.

Outlook and guidance

• Management’s stated focus is continued execution of corporate strategy, asset integration and optimization, reliability improvements, and shareholder value.

• Quarterly dividend increased $0.05 to $0.50/share; payable March 5, 2024, to holders of record February 26, 2024.