Delek US Holdings (DK) Reports Q2 Loss, Tops Revenue Estimates

Core Insights - Delek US Holdings reported a quarterly loss of $0.92 per share, which was better than the Zacks Consensus Estimate of a loss of $1.42, representing an earnings surprise of 35.21% [1] - The company posted revenues of $3.42 billion for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 11.49%, but down from $4.2 billion year-over-year [2] - The stock has underperformed the market, losing about 15.8% since the beginning of the year compared to the S&P 500's gain of 8.7% [3] Company Performance - Over the last four quarters, Delek US Holdings has surpassed consensus EPS estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is -$0.17 on revenues of $3.15 billion, and for the current fiscal year, it is -$2.83 on revenues of $12.34 billion [7] Industry Context - The Oil and Gas - Refining and Marketing industry is currently ranked in the bottom 11% of over 250 Zacks industries, indicating a challenging environment [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]