Earnings wrap: Delek, Healthcare Realty, Advocat

Mapco parent more than doubles dividend

Delek US Holdings reported record profits of $100 million, or $1.67 per diluted share, topping analysts' estimates by 13 cents. A year ago, the company posted net income of $85.3 million.

The company said its large refinery in east Texas ran at full capacity during the quarter, lifting the refining segment's contribution to profits to $189 million from $164 million a year ago. Retail fuel sales during the period were flat at $106 million.

Following the completion this week of the initial public offering of its logistics division — a deal that resulted in payments to Delek US of more than $100 million — Delek's board of directors has voted to hike the company's quarterly dividend by 160 percent to 10 cents per share.

"In early 2013, this will allow us to benefit from our refineries' connectivity to increasing supplies of WTI Midland sourced crude oil that is trading today at more than $6 per barrel below WTI at Cushing," said Delek President and CEO Uzi Yemin. "We remain positive about our future and look forward to creating additional value for our shareholders."

Delek shares (Ticker: DK) bucked the broader market Thursday, climbing more than 2.5 percent to about $26.05. Year to date, they're up almost 130 percent.

 
Healthcare Realty Trust said it earned 33 cents in normalized funds from operations per diluted share in the three months ended Sept. 30, up from 31 cents a year ago. Revenues at the West End-based real estate investment trust rose 7 percent to $79.1 million, while expenses grew just 3.5 percent to $58.6 million.

Same-facility net operating income grew 5 percent from the third quarter of 2011 while the company's properties still being leased up produced $497,000 more in adjusted NOI than during the second quarter.

Although funds from operations were in line with analysts' estimates, investors are taking Healthcare Realty shares (Ticker: HR) down more than 2 percent in Thursday afternoon trading. They're still up about 22 percent this year.

 
Nursing home operator Advocat posted a tiny third-quarter loss after going almost $1 million into the red a year ago. Revenues fell 2 percent to $77.3 million.

Skilled-nursing occupancy at the Brentwood-based company slipped a bit to 77.5 percent and Medicare per-day rates fell more than 10 percent from a year ago. But a drop in general and administrative expenses of more than $1 million helped push the company into the black on an operating basis.

"We believe that our third-quarter activities of developing these new properties demonstrate our ability to add nursing centers to the Company's portfolio, increase revenue, and generate favorable leverage against our related overhead expense," said CEO Kelly Gill. "We intend to continue pursuing growth opportunities through targeted acquisitions and relationships with REIT partners."

Shares of Advocat (Ticker: AVCA) were down about 2.5 percent to $5.65 in Thursday afternoon trading. They're up slightly year to date.