Weak Earnings, Outlook Drag Shares of These 10 Firms on Thursday

6. PBF Energy Inc. (NYSE:PBF)

PBF Energy retreated for the second day on Thursday, losing 12.78 percent to close at $23.21 apiece as investor sentiment was dampened by the company’s third consecutive quarter of losses.

On Thursday, PBF said it swung to a net loss of $533.8 million, attributable to shareholders, in the full year 2024, reversing a net income of $2.14 billion in 2023.

Meanwhile, attributable net loss in the fourth quarter alone expanded by nearly 500 percent to $289.3 million from $48.4 million year-on-year.

Revenues for the quarter also dropped 19.6 percent to $7.35 billion from $9.14 billion year-on-year, while revenues for the full year declined 13.6 percent to $33.11 billion from $38.32 million in 2023.

“Global refining markets remain structurally tight, and capacity rationalization and demand growth are expected to exceed new refinery additions. In this environment, PBF’s complex, predominantly coastal refining system, is well-positioned for the next cycle,” said PBF President and CEO Matthew Lucey.