It registered net income attributable to HollyFrontier stockholders of $523.1 million, or $2.48 per diluted share, for the quarter ended September 30, 2011, compared with $51.2 million, or $0.48 per diluted share, for the quarter ended September 30, 2010. Analysts estimated a net profit of $2.35 per share for the company. For the third quarter, net income increased by $471.9 million, or 922 percent compared with the same period of 2010, reflecting both the effects of the company's recent merger and historically high refining gross margins, which were influenced by wide differentials between in-land and coastal-sourced crude oils. Sales and other revenue for the third quarter of 2011 were $5.2 billion, a 147 percent increase compared with the three months ended September 30, 2010. This increase was due primarily to the inclusion of revenue from the legacy Frontier refineries and to the effects of a 36 percent year-over-year increase in third quarter refined product sales prices. Cost of products sold was approximately $4 billion, a 121 percent increase compared to the third quarter of 2010. President and CEO Mike Jennings commented, "This quarter, our first as a newly merged company, marked the most profitable quarter in our history. Continued year-over-year margin improvements at each of our refineries combined with strong throughput produced an overall EBITDA of $896 million. Favorable WTI crude differentials contributed to the high transportation fuel crack spreads in each of our three regions."
Carrizo Oil & Gas Inc. (Nasdaq: CRZO), an independent energy company engaged in the exploration, development and production of natural gas and oil, declared its FY 2011 Q3 earnings early today. During the quarter, it reported an increase in its net profit to $21.6 million, or $0.55 a share, up from $12.8 million, or $0.37, a year earlier. Excluding derivatives impacts and other items, earnings fell to $0.24 from $0.60. Revenue jumped 69 percent to $51.67 million while adjusted revenue, which includes realized hedge gains, rose 51 percent to $58.7 million. Analysts forecasted earnings excluding derivatives and other items of $0.27 on revenue of $67 million. Production volume rose 31 percent, while average realized prices, excluding hedging effects, fell 5.8 percent for natural gas and jumped 22 percent for oil and liquids.
The E.W. Scripps Co. (NYSE: SSP), a diverse media concern with interests in newspaper publishing, broadcast television stations and syndication, reported its FY 2011 Q3 financial results before the opening bell today. During the quarter, it reported a net loss of $10.7 million, or $0.19 a share, from net income of $5.4 million, or $0.08 a share, in the year-ago period. Breaking out an impairment charge, the company reported a loss of $0.09 a share in the latest quarter. Revenue dropped to $167.9 million, from $183.6 million.