Bethel Finance: Delek US predicts Q4 net loss of $0.10-0.20 per share

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Bethel Finance news:
Delek Group Ltd. (TASE: DLEKG) subsidiary Delek US Holdings Inc. (NYSE:DK) expects to report a net loss for the fourth quarter of 2011, but a net profit for the year, far below the analysts' estimates. According to preliminary estimates, the company said that it expects to report a net loss from continuing operations of $0.10-0.20 per share for the fourth quarter of 2010, compared with the analysts' consensus of a net profit of $0.32 per share.

Cedric Marmet (Bethel Finance Ltd) said, "That is a major negative surprise."

Delek US attributes the loss to higher crude oil costs and sharp seasonal decline in regional asphalt prices compared with the third quarter. The company said that its El Dorado and Tyler refineries operated at 95% of capacity during the fourth quarter.

Despite the fourth quarter loss, Delek US says that it to report a net profit from continuing operations of $2.67-2.77 per share for 2011 as whole, well below the analysts' consensus of a net profit of $3.02 per share.

The analysts' revenue consensus for Delek US is $1.24 billion for the fourth quarter and $6.44 billion for the year.

Delek US will publish its financial report for the fourth quarter and full year of 2011, after Wall Street closes on March 7.

Delek US's share price fell 5.8% in after-hours trading on Friday, following the announcement, to $12.03, giving a market cap of $675 million. Delek Group's share price fell 1.6% in morning trading on the TASE today to NIS 784.20, giving a market cap of NIS 8.9 billion.