Shares of Delek US Holdings (DK) plummeted 5.10% in Wednesday's trading session, despite the company reporting better-than-expected first-quarter results. The sharp decline reflects ongoing concerns about the refiner's financial health and industry headwinds.

Delek US reported a Q1 adjusted loss of $2.32 per share, beating the analyst consensus estimate of a $2.42 loss. The company's adjusted EBITDA also significantly outperformed expectations, coming in at $26.5 million compared to the estimated $1.1 million. However, these beats were overshadowed by deeper concerns about the company's overall financial performance.

The refiner posted a net loss of $172.7 million for the quarter, highlighting the challenging operating environment. Revenue fell 18.1% year-over-year to $2.64 billion, only slightly above the $2.63 billion analysts had forecast. This decline in top-line performance, coupled with the substantial net loss, appears to have spooked investors despite the earnings beat. The stock's negative reaction also reflects broader pessimism, with Delek US shares already down 24.2% year-to-date prior to this earnings release. Adding to the bearish sentiment, analysts have been revising their earnings estimates downward, with the mean estimate falling by about 72.1% over the last three months, indicating persistent challenges for the company in the near term.