Earnings Review and Free Research Report: Phillips 66 Reported Q2 FY17 Results, Beating Market EPS Estimates
Research Desk Line-up: CrossAmerica Partners Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 15, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Phillips 66 (NYSE: PSX), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PSX, following the Company's disclosure of its second quarter of fiscal year 2017 on August 01, 2017. The Company reported earnings $550 million, earnings per share of $1.09, and an operating cash flow $1.87 billion for the second quarter of FY17. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
Phillips 66 generated $24.58 billion in revenues in Q2 FY17 compared to $22.31 billion in Q2 FY16; noting a rise of 10.2% y-o-y. Net income generated by the Company in the second quarter of FY17 was $550 million against $496 million in the same quarter last fiscal year; registering an increase of 10.8% y-o-y.
The energy manufacturing and logistics Company reported diluted earnings per share (EPS) of $1.06 in Q2 FY17 compared to $0.93 in Q2 FY16; registering a rise of 13.9% y-o-y.
Phillips 66 surpassed industry estimates of $1.02 EPS but fell short on revenues estimates of $25.14 billion.
Phillips 66's Segment Information
The Midstream segment of Phillips 66 saw income of $59 million in Q2 FY17 compared to $39 million in the same quarter last fiscal year, registering an increase of 51.2% y-o-y. Earnings included a $5 million charge for pension settlement expense.
The Chemical segment generated $196 million in income for Q2 FY17 versus $190 million in Q2 FY16, an increase of 3.1% y-o-y. This income included a charge of $20 million related to an impairment of a CPChem's joint venture. The segment also reported Global O&P utilization of 98% in Q2 FY17, up from 89% in Q1 FY17.
The Refining segment of Phillips 66 generated $224 million in Q2 FY17 compared to $149 million in the same quarter last fiscal year, registering an increase of 50.3% y-o-y. Earnings in this segment included a $261 million gain resulting from the consolidation of the MSLP petroleum coking venture following the resolution of an ownership dispute.
The Marketing and Specialties segment churned out income of $214 million in Q2 FY17 against $229 million for Q2 FY16, a drop of 6.5% y-o-y. This income also included a charge of $4 million for pension settlement expense.
Under the Corporate and Other head, the Company reported a loss of $143 million in Q2 FY17 compared to a loss of $111 million in the same quarter last fiscal year.
Cash Information
Phillips 66 reported net cash from operations of $1.87 billion in Q2 FY17 compared to $1.16 billion in the same quarter last fiscal year, registering an increase of 62.6% y-o-y, which included $422 million of cash distributions from equity affiliates.
The Company also reported $453 million of cash used in investing activities in Q2 FY17 compared to $750 million used in Q2 FY16.
At the end of Q2 FY17, Phillips 66 reported cash, cash equivalents, and restricted cash of $2.16 billion compared to $2.23 billion at the end of the corresponding quarter last fiscal year.
During Q2 FY17, Phillips 66 funded $458 million of capital expenditures and investments, and distributed $360 million in dividends and $381 million in share repurchases. There were 512 million shares outstanding at the end of Q2 FY17.
The Company's consolidated debt-to-capital ratio and net-debt-to-capital ratio were 30 % and 25%, respectively.
Outlook
Phillips 66 expects Global Olefins & Polyolefins and Refining crude utilization to be in the mid-90% range.
The Company also expects that its corporate and other costs (after-tax) to be between $125 million and $140 million and the refining turnaround expenses (pre-tax) to be around $50 million and $80 million.
Stock Performance
On Monday, August 14, 2017, the stock closed the trading session at $83.88, marginally up 0.53% from its previous closing price of $83.44. A total volume of 1.76 million shares have exchanged hands. Phillips 66's stock price advanced 2.04% in the last one month, 4.98% in the past six months, and 6.43% in the previous twelve months. The stock is trading at a PE ratio of 25.08 and has a dividend yield of 3.34%. The stock currently has a market cap of $43.01 billion.
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