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Phillips 66: 1Q Earnings Snapshot

Associated Press
Updated ·1-min read

HOUSTON (AP) _ Phillips 66 (PSX) on Friday reported a first-quarter loss of $2.5 billion, after reporting a profit in the same period a year earlier.

The Houston-based company said it had a loss of $5.66 per share. Earnings, adjusted for one-time gains and costs, were $1.02 per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.

The oil refiner posted revenue of $21.24 billion in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $22.04 billion.

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Phillips 66 shares have decreased 35% since the beginning of the year, while the Standard & Poor's 500 index has decreased nearly 10%. The stock has dropped 23% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PSX at https://www.zacks.com/ap/PSX