Phillips 66: 3Q Earnings Snapshot
HOUSTON (AP) _ Phillips 66 (PSX) on Friday reported third-quarter net income of $1.49 billion.
On a per-share basis, the Houston-based company said it had net income of $3.18. Earnings, adjusted for non-recurring gains, were $3.10 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.50 per share.
The oil refiner posted revenue of $30.59 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $28.5 billion.
Phillips 66 shares have declined roughly 3 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 1 percent. The stock has climbed slightly more than 7 percent in the last 12 months.