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Fuel supplier, Caltex Australia Limited (ASX:CTX) today declared its Caltex Refiner Margin and CRM sales from production for the quarter ended 31 December 2018. The companyâs CRM sales from production amounted to 1,472 ML for Q4 2018 which took its full-year 2018 CRM sales from production to 6,038 ML. It represents the decline in sales figure compared to the previous corresponding period, i.e., 2017, in which the company reported total 6,074 ML of CRM sales from production.Â
The companyâs Caltex Refiner Margin stood to US$7.77/bbl in Q4 2018, notably below the Q4 2017âs CRM of US$12.15/bbl. It also reflects the drastic shift from previous quarterâs CRM of US$12.17/bbl.
During the December quarter, the companyâs CRM sales from production were slightly above the Q3 2018âs CRM sales from production of 1,410 ML, but a massive decline from Q4 2017âs 1,538 ML to 1,472 ML in Q4 2018 was noted.
On the other hand, Caltex provided the updated profit guidance for Lytton refinery 2018 EBIT to $161 million, within the previous guidance range of $155 million to $165 million EBIT for the Lytton refinery.
In the unaudited profit guidance released in the announcement dated 18 December 2018, the company projected its 2018 Fuels & Infrastructure EBIT excluding Lytton to increase by 21% compared with 2017. But inclusive of Lytton, the company has placed its 2018 Fuels & Infrastructure EBIT guidance to $560 million - $580 million, which represents a decline of 14% compared to 2017. Caltex explained that this contraction is due to the lower regional refining margins greater than offsetting the strong underlying business performance.
Its 2018 Convenience Retail EBIT is forecasted to reach $295 million to $305 million on the back of favorable impact of falling crude and product prices in the fourth quarter. Whereas, its 2018 RCOP (Replacement Cost Operating Profit) NPAT is expected to be within the guidance range of $533 million to $553 million, compared to $552 million estimate of market consensus.
The company believes that 2018 has been a remarkable year that underscores its sustainable growth in both Convenience Retail as well as Fuels & Infrastructure business. This includes the companyâs expansion strategies for its international business, the retention of fuel supply to the Woolworths network, and significant growth in Australian wholesale sales volume.
As per the guidance release, the companyâs Convenience Retail team is well in shape in delivering value from the Woolworths partnership which includes the recently launched Woolworths Rewards loyalty program across the Caltex network, co-creation of the Metro format for the companyâs P&C sites, and the launch of Woolworths fuel redemption offer at further Caltex sites in 2019.
On the news of down trending with respect to the quarterly result, CTX stock price went down in early trading session, but it recovered a bit by mid-day trade. At the time of writing, 31 January 2019 (2:15 PM AEST), CTX stock price surged up by 0.82% to trade at $27.17. The stock is currently trading at a Price to earnings multiple of 9.530 x with a market capitalization of $7.03 billion. CTX has witnessed a negative price trend of 23.31% over the past 12 months but has surged up by 5.77% last month.
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