How do you interpret fuel distribution and marketing — inventory adjustments?

Frequent or large negative adjustments suggest declining fuel prices or inventory management inefficiencies.

How does fuel distribution and marketing — inventory adjustments compare across companies?

Standard in retail and wholesale fuel sectors where inventory is subject to commodity price volatility.

Sunoco SUN Fuel Distribution and Marketing — Inventory adjustments

Discontinued — last reported Q1 '22

Similar metrics at other companies

DINOMarketing — Lower of cost or market inventory valuation adjustments (Note 8)

$0—

DINOMidstream — Lower of cost or market inventory valuation adjustments (Note 8)

$0—

DOVFueling Solutions Segment — Purchase Price Adjustments

$230K—

SNEXCrude Oil And Low Sulfur Fuel Oil — Inventory adjustments

$7.6M—

DINORefining — Lower of cost or market inventory valuation adjustments

-$604M-421%

DINOLubricants and Specialty Products — Lower of cost or market inventory valuation adjustment

$0—

Other financials

Income statement

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Revenue$10.7B+106%

Gross profit$1.7B+159%

Operating income$866.0M+193%

Net income$644.0M+211%

EPS (diluted)$2.85+136%

Balance sheet

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Cash & equivalents$718.0M+317%

Total debt$16.0B+91.4%

Total assets$30.3B+111%

Cash flow

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Operating cash flow$454.0M+191%

CapEx$199.0M+97.0%

Free cash flow$255.0M+364%

Valuation

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Market cap$11.96B+54.8%

Enterprise value$27.2B+71.0%

P/E12.4×+3.2×

P/S0.4×0.0×

Profitability

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Gross margin12.5%+2.3pp

Operating margin4.9%+1.4pp

Net margin3.1%-0.6pp

FCF margin2.7%—

Returns & leverage

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Current ratio1.4×-0.2×

Where this comes from

Reported directly by Sunoco in its filing.

Tagged under the XBRL concept us-gaap:AssetsFairValueAdjustment.

The official record: Sunoco’s 10-Q, filed May 5, 2022, on SEC EDGAR. View the filing →

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Questions, answered.

What is Sunoco's fuel distribution and marketing — inventory adjustments?: Sunoco (SUN) reported fuel distribution and marketing — inventory adjustments of -$120M in Q1 2022.
What does fuel distribution and marketing — inventory adjustments mean?: Changes to the recorded value of fuel inventory due to market price fluctuations or obsolescence.
How do you interpret fuel distribution and marketing — inventory adjustments?: Frequent or large negative adjustments suggest declining fuel prices or inventory management inefficiencies.
How does fuel distribution and marketing — inventory adjustments compare across companies?: Standard in retail and wholesale fuel sectors where inventory is subject to commodity price volatility.