Holly Corp., the owner of oil refineries in New Mexico and Utah, posted its biggest gain in almost five years in New York trading after its fourth-quarter profit beat analyst estimates and a rival's plant was shut by an explosion.
Net income rose 4.6 percent to $49.8 million, or 90 cents a share, from $47.7 million, or 84 cents, a year earlier, Dallas- based Holly said Tuesday in a statement. The company was expected to earn 64 cents a share, the average of 14 analyst estimates compiled by Bloomberg. An explosion and fire Monday shut Alon USA Energy Inc.'s refinery in Big Spring, Texas.
Holly rose $5.81, or 12 percent, to $53.31 in New York Stock Exchange composite trading, the biggest one-day gain since March 31, 2003. Before Tuesday, the stock tumbled 41 percent since touching a record $80.55 on July 10.