How does DK's Q2 surprise compare to Q4?

Delek US Holdings, Inc. (DK) has not experienced a positive surprise in either Q2 or Q4 recently. In fact, the company's performance has been under pressure, with a significant debt burden and a challenging refining outlook. Here's a detailed analysis: 1. **Q2 Performance**: - DK's Q2 surprise, if any, has not been reported. However, given the overall negative sentiment surrounding the company, it is likely that any surprise would have been negative. - The refining segment has been impacted by weaker refining earnings compared to expectations, and the company experienced planned downtime at two of its refineries, contributing to negative financial results. 2. **Q4 Performance**: - DK's Q4 surprise was also likely negative, given the ongoing challenges faced by the refining segment and the broader energy market. - The company was expected to report a total EBITDA loss of $0M in Q1 2025, an improvement from the -$23M loss in Q4 2024, but this reflects ongoing struggles rather than a positive surprise. 3. **Comparing Surprises**: - Without specific surprise values for Q2 and Q4, it's not possible to compare the magnitude of the surprises. However, given the context of ongoing financial challenges and refining market pressures, it's likely that both quarters experienced negative surprises, with Q4 potentially being slightly less negative due to improved EBITDA compared to Q1 projections. 4. **Broader Implications**: - The overall sentiment around DK has been cautious, with analysts revising price targets downward and maintaining neutral or underperform ratings. This suggests that surprises, whether positive or negative, are likely to be modest given the prevailing market conditions and the company's financial health concerns. In conclusion, Delek US Holdings, Inc. (DK) has not reported positive surprises in either Q2 or Q4, and the company's performance continues to be impacted by refining market challenges and financial pressures.