Adams Resources falls on Q4 loss vs year-ago profit

Adams Resources & Energy

16/03/2023 17:16

** Shares of oil transportation company Adams Resources & Energy Inc  AE.A 
down 14.4% at $41.4 
    ** Stock set for its worst day in over 3 years, if losses hold 
    ** On Wednesday after-market, co posted Q4 loss of $7.3 mln compared with a
profit of $2.8 mln last year
    ** Co says Q4 results were challenged by incremental costs relating to its
acquisitions of Phoenix Oil Inc and Firebird Bulk Carriers Inc
    ** Co's Q4 revenue of $747.7 mln missed analysts' average expectations of
$801.9 mln - Refinitiv data
    ** Shares have gained ~6% YTD, including session's loss

 (Reporting by Ankit Kumar in Bengaluru)
 ((Ankit.Kumar2@thomsonreuters.com))