Shares of PBF Energy (NYSE: PBF), an energy company operating in the refining space, rose sharply at trading open on Feb. 16, gaining more than 10% in morning trading. The big news was the company's fourth-quarter 2022 earnings release, which hit the newswires prior to the opening bell.

In a manner of speaking, PBF Energy's fourth-quarter 2022 results were a disappointment. While it was able to beat analyst consensus on the top line, it fell short on the bottom line.

Normally investors see that as a negative, but this time around, a collection of other positive updates appear to have overshadowed the bad news. For example, while earnings fell short of Wall Street expectations, the adjusted earnings per share of $4.41 came in dramatically higher than the $1.28 earned in the final stanza of 2021, thanks to strong demand for refined products. It's hard to complain too much about that result. 

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Source Fool.com