BDCO swings to a loss in 2024 as weak margins, lower sales and rising impairments weigh on results. Liquidity and working capital also decline.
BDCO reports a y/y Q3 revenue drop and net loss due to weaker refining margins, lower sales volumes and inventory impairments.
Positive working capital of $9.9 million at September 30, 2024, a $16.0 million improvement compared to December 31, 2023. Adjusted refinery operations segment margin of $1.3 million for the nine months ended September 30, 2024.
Blue Dolphin's (BDCO) Q2 earnings results reflect the negative impacts of lower refining margins, and reduced throughput and production volumes at the Nixon refinery.
Positive working capital of $18.8 million at June 30, 2024, representing a $24.9 million improvement compared to December 31, 2023. Total gross profit of $7.8 million, net income of $0.3 million, and adjusted EBITDA of $4.6 million for the six months ended June 30, 2024.
Discover why Zacks rates Blue Dolphin (BDCO) as "Neutral," being the first on Wall Street to initiate coverage on the stock. Explore how BDCO leverages its significant refinery and storage capacity to maintain a robust market presence amid financial hurdles.