Petroleum refiner Holly Corp., Dallas, shared industry success with other IW Best 50 oil companies by more than tripling its first-quarter profit from $13.6 million, or 42 cents per share, in 2005 to $46.8 million, or $1.56 per share.
The company attributed some of the net income increase to the sale of its petroleum refinery in Great Falls, Mont., resulting in an $8.4 million gain. Excluding the sale, the company earned $1.04 per share.
Driven by higher refined product prices, revenue increased 27% to $791.6 million from $624.7 million during the year-ago period. "We are very pleased with our 2006 first-quarter results, as we realized solid refined product margins, which were especially strong late in the first quarter and continuing into the second quarter," said Matthew Clifton, CEO of Holly Corp., in a May 8 statement. "Our income from continuing operations was at a record first-quarter level, and . . . we started realizing substantial benefits from our recently completed ROSE unit, which converts a significant portion of lower-value asphalt into higher-value transportation fuels."
IW 50 Best Manufacturing Company
