Yahoo Finance Phillips 66 1st-qtr. profit rises on unit sale
Phillips 66 1Q adj. profit tops analysts' estimates, helped by gain related to sale of unit
HOUSTON (AP) -- Phillips 66 posted an 11 percent increase in first-quarter profit, mostly from an asset sale.
Yet even stripping out the benefit of that sale, the Houston refiner topped Wall Street expectations and company shares rose before the opening bell.
Phillips 66 earned $1.57 billion, or $2.67 per share during the quarter. That compares with $1.41 billion, or $2.23 per share, a year ago.
Not including the sale of Phillips Specialty Products Inc., earnings totaled $1.47 per share. In December it was announced that Warren Buffett's Berkshire Hathaway Inc. would buy the company. In exchange for Phillips Specialty, Phillips 66 received 17.4 million shares of its own stock that had been held by Berkshire Hathaway.
Analysts surveyed by FactSet forecast earnings of $1.35 per share.
Shares of Phillips 66 climbed 75 cents to $84.50 in premarket trading.
Revenue fell 3 percent to $41.1 billion from $42.27 billion. Wall Street was looking for revenue of $42.9 billion.
