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Phillips 66 (PSX) Q3 Earnings Beat, Revenues Miss Estimates
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Phillips 66 (PSX - Free Report) posted adjusted third-quarter 2016 earnings of $1.05 per share that beat the Zacks Consensus Estimate of 89 cents. The bottom line, however, declined from the year-ago quarter level of $3.02 per share. Lackluster performance by all the company’s segments contributed to the decline.
Quarterly revenues of $22 billion came in below the Zacks Consensus Estimate of $25.5 billion. Revenues also decreased from the year-ago quarter level of $26.4.
Segmental Results
Midstream
The segment generated adjusted quarterly earnings of $75 million compared with $101 million in the year-ago quarter.
Chemicals
The segment reported adjusted earnings of $101 million as against $252 million in the comparable year-earlier quarter. Higher unplanned downtime led to the decrease.
Refining
The segment’s adjusted earnings were $177 million compared with earnings of $1,003 million in the prior-year quarter. Higher planned turnaround expenses led to the decline. During the quarter, Phillips 66’s refining utilization was 97% and clean product yield was 84%.
Marketing and Specialties (M&S)
This segment recorded earnings of $267 million compared with $338 million in the comparable year-ago quarter.
In the reported quarter, Phillips 66 generated $883 million of cash from operations. It also returned capital worth $508 million to shareholders.
As of Sep 30, 2016, the company’s cash and cash equivalents of $2.3 billion and debt of $8.9 billion. The company’s debt-to-capitalization ratio was 27%.
Zacks Rank
Currently, Phillips 66 carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy sector are Enviva Partners, LP (EVA - Free Report) , W&T Offshore Inc (WTI - Free Report) and Boardwalk Pipeline Partners, LP . Each of these stocks sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Enviva Partners has a mixed earnings surprise history. The partnership posted positive earnings surprises in two of the last four quarters. It reported a positive earnings surprise of 20.51% in the preceding quarter.
W&T Offshore posted a positive earnings surprise of 29.85% in the preceding quarter. It reported a positive earnings surprise in all of the four preceding quarters.
In the last reported quarter, Boardwalk Pipeline Partners delivered a positive earnings surprise of 44.44%. Coming to the earnings surprise history, the partnership beat estimates in all of the last four quarters.
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Phillips 66 (PSX) Q3 Earnings Beat, Revenues Miss Estimates
Phillips 66 (PSX - Free Report) posted adjusted third-quarter 2016 earnings of $1.05 per share that beat the Zacks Consensus Estimate of 89 cents. The bottom line, however, declined from the year-ago quarter level of $3.02 per share. Lackluster performance by all the company’s segments contributed to the decline.
Quarterly revenues of $22 billion came in below the Zacks Consensus Estimate of $25.5 billion. Revenues also decreased from the year-ago quarter level of $26.4.
Segmental Results
Midstream
The segment generated adjusted quarterly earnings of $75 million compared with $101 million in the year-ago quarter.
Chemicals
The segment reported adjusted earnings of $101 million as against $252 million in the comparable year-earlier quarter. Higher unplanned downtime led to the decrease.
Refining
The segment’s adjusted earnings were $177 million compared with earnings of $1,003 million in the prior-year quarter. Higher planned turnaround expenses led to the decline. During the quarter, Phillips 66’s refining utilization was 97% and clean product yield was 84%.
Marketing and Specialties (M&S)
This segment recorded earnings of $267 million compared with $338 million in the comparable year-ago quarter.
PHILLIPS 66 Price, Consensus and EPS Surprise
PHILLIPS 66 Price, Consensus and EPS Surprise | PHILLIPS 66 Quote
Financial Condition
In the reported quarter, Phillips 66 generated $883 million of cash from operations. It also returned capital worth $508 million to shareholders.
As of Sep 30, 2016, the company’s cash and cash equivalents of $2.3 billion and debt of $8.9 billion. The company’s debt-to-capitalization ratio was 27%.
Zacks Rank
Currently, Phillips 66 carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy sector are Enviva Partners, LP (EVA - Free Report) , W&T Offshore Inc (WTI - Free Report) and Boardwalk Pipeline Partners, LP . Each of these stocks sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Enviva Partners has a mixed earnings surprise history. The partnership posted positive earnings surprises in two of the last four quarters. It reported a positive earnings surprise of 20.51% in the preceding quarter.
W&T Offshore posted a positive earnings surprise of 29.85% in the preceding quarter. It reported a positive earnings surprise in all of the four preceding quarters.
In the last reported quarter, Boardwalk Pipeline Partners delivered a positive earnings surprise of 44.44%. Coming to the earnings surprise history, the partnership beat estimates in all of the last four quarters.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>