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PBF Energy posts lower Q2 net income in line with drop in revenue

PBF Energy Inc. reported Aug. 1 an adjusted fully converted net income of $101.1 million, or 83 cents per share, for the second quarter, down from an adjusted fully converted net income of $160.2 million, or $1.38 per share, a year ago.

The New Jersey-based company missed the S&P Global Market Intelligence normalized consensus estimate at 87 cents per share.

Revenue totaled $6.56 billion during the quarter, down from $7.44 billion in the prior-year period.

Revenue was driven by the refining segment at $6.55 billion, which was down from $7.44 billion a year earlier. The logistics segment brought in $82.8 million, topping $68.1 million in the prior-year period.

PBF Logistics LP, which is owned by PBF Energy through a limited partnership interest, reported a net income attributable to the limited partners of $22.2 million, or 37 cents per unit, for the quarter.