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Phillips 66 (PSX) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates (Revised)
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Phillips 66 (PSX - Free Report) reported $35.74 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 27.5%. EPS of $3.87 for the same period compares to $6.77 a year ago.
The reported revenue represents a surprise of +11.25% over the Zacks Consensus Estimate of $32.13 billion. With the consensus EPS estimate being $3.54, the EPS surprise was +9.32%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Phillips 66 performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Refined Petroleum Products Production - Worldwide - Including Proportionate Share of Equity Affiliates: 1919 MBBL/D versus 1839.33 MBBL/D estimated by four analysts on average.
Refining Margins - Worldwide (Per Barrel): $15.32 compared to the $16.93 average estimate based on three analysts.
Refined Petroleum Products Production - West Coast: 343 MBBL/D compared to the 296.63 MBBL/D average estimate based on three analysts.
Refined Petroleum Products Production - Central Corridor: 519 MBBL/D versus the three-analyst average estimate of 486.83 MBBL/D.
Refined Petroleum Products Production - Gulf Coast: 562 MBBL/D versus 543.3 MBBL/D estimated by three analysts on average.
Refined Petroleum Products Production - Atlantic Basin/Europe: 492 MBBL/D versus the three-analyst average estimate of 487.94 MBBL/D.
Refining Margins - Atlantic Basin/Europe (Per Barrel): $10.94 versus the two-analyst average estimate of $13.22.
Refining Margins - Western/Pacific (Per Barrel): $16.27 versus $15.63 estimated by two analysts on average.
Refining Margins - Central Corridor (Per Barrel): $22.62 compared to the $19.35 average estimate based on two analysts.
Refining Margins - Gulf Coast (Per Barrel): $11.84 versus the two-analyst average estimate of $15.89.
Equity in earnings of affiliates: $563 million compared to the $640.06 million average estimate based on two analysts. The reported number represents a change of -38.6% year over year.
Adjusted Pre-Tax Income- Midstream: $626 million versus $609.99 million estimated by five analysts on average.
Shares of Phillips 66 have returned +17.2% over the past month versus the Zacks S&P 500 composite's +3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
(We are reissuing this article to correct a mistake. The original article, issued on August 02, 2023, should no longer be relied upon.)
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Phillips 66 (PSX) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates (Revised)
Phillips 66 (PSX - Free Report) reported $35.74 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 27.5%. EPS of $3.87 for the same period compares to $6.77 a year ago.
The reported revenue represents a surprise of +11.25% over the Zacks Consensus Estimate of $32.13 billion. With the consensus EPS estimate being $3.54, the EPS surprise was +9.32%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Phillips 66 performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
View all Key Company Metrics for Phillips 66 here>>>
Shares of Phillips 66 have returned +17.2% over the past month versus the Zacks S&P 500 composite's +3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
(We are reissuing this article to correct a mistake. The original article, issued on August 02, 2023, should no longer be relied upon.)