Adams Resources reports Q4 EPS (85c), consensus 88c

Reports Q4 revenue $747.7M, consensus $801.89M. CEO Kevin Roycraft said, "We are pleased to report exceptional operating and financial performance in 2022, overcoming a very challenging market environment. Despite inflationary headwinds, the company delivered strong adjusted cash flow for the year. Fourth quarter results were challenged by multiple incremental costs, largely bi-products of the repurchase of the KSA shares and the acquisitions of Phoenix and Firebird. We are very excited about the positive impacts this share repurchase and the acquisitions will have for the company both now, and into the future. In Q4 2022, construction began on our first connection to our recently acquired VEX Pipeline. We expect this connection will be completed and operational toward the end of Q2 or early into Q3. This connection will expand the reach of the pipeline and allow greater access to third-party barrel growth. I am thankful to all of our team members for their work and dedication in 2022 that has positioned the Company for continued growth and shareholder value creation."