Earnings guidance given today by Caltex predicts the refiner and distributor will achieve a full-year net profit of between $615 million and $635 million.
AAP reports that full-year net profit is expected to be up 29 per cent on 2014. Bottom-line net profit is put at $560 million to $580 million, notes The Australian Financial Review, up from $20 million last year.
Margins for refining – the company has only one refinery left (at Lytton, Brisbane) – are expected to be $US 16 per barrel. The Lytton operation almost doubled its earnings before interest and tax to $400 million for the year.
Earlier this month, Caltex retained its number one spot in the annual Top 100 Manufacturers In Australia, compiled by IBISWorld for Manufacturers’ Monthly and based purely on revenues.