Adams Resources reports Q4 adjusted EPS 3c vs. (85c) last year

Reports Q4 revenue $709.8M vs. $747.7M last year. “Our performance in the fourth quarter showcased several encouraging highlights in a very challenging environment. Our crude oil marketing segment demonstrated a sequential increase in operating income despite a number of headwinds,” said CEO Kevin Roycraft. “Moreover, we increased our cash balance and liquidity and nearly tripled our net income on a sequential basis. We believe the challenges facing our GulfMark and Service Transport segments are expected to remain in place for the next few months, and we anticipate a gradual recovery to begin late in the first half of 2024. Our company remains in a very strong financial position to navigate the continued macroeconomic challenges affecting our industries. We are well-prepared to deliver meaningful performance when our key markets begin to improve. In addition, our continued commitment to our dividend should deliver long-term value to our shareholders”.