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Phillips 66 (PSX - Free Report) posted second-quarter 2018 adjusted earnings of $2.80 per share, which surpassed the Zacks Consensus Estimate of $2.16. The bottom line increased from the year-ago quarter’s figure of $1.09. The upside came on the back of higher contribution from all the segments.
Quarterly revenues totaled $29.7 billion, up from the year-ago quarter’s tally of $24.6 billion. The figure also beat the Zacks Consensus Estimate of $29.4 billion.
Segment Results
Midstream
The segment generated adjusted quarterly earnings of $202 million, up from $96 million in the year-ago quarter. The expansion of its Sweeny Hub drove income.
Chemicals
The segment generated adjusted earnings of $262 million compared with $196 million in year-ago quarter. The improvement was supported by the ramp-up of the new U.S. Gulf Coast petrochemicals assets along with lowered down time.
Refining
The segment’s adjusted earnings of $910 million increased from $224 million in the prior-year quarter. During the quarter, Phillips 66’s refining utilization was 100%.
Marketing and Specialties (M&S)
This segment recorded earnings of $237 million, up from $214 million in the year-ago quarter.
Financial Condition
In the reported quarter, Phillips 66 generated $2.4 billion of cash from operations. It also returned capital worth $602 million to shareholders.
As of Jun 30, cash and cash equivalents were $1.9 billion along with debt of $8.5 billion. The company’s debt-to-capitalization ratio was 27%.
Q2 Price Performance
During the second quarter, Phillips 66’s shares gained 17.1% compared with the industry’s 13.9% rise.
Zacks Rank & Other Stocks to Consider
Currently, Phillips 66 carries a Zacks Rank #2 (Buy).
A few other top-ranked players in the same sector are ConocoPhillips (COP - Free Report) and China Petroleum and Chemical Corp. , also known as Sinopec, and CVR Refining, LP . All these stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ConocoPhillips, based in Houston, TX, is a major global exploration and production (E&P) company. It pulled off an average positive earnings surprise of 226.9% in the last four quarters.
Sinopec is one of the largest petroleum and petrochemical companies in Asia. The company delivered an average positive earnings surprise of 492.8% in the trailing four quarters.
Sugar Land, TX-based CVR Refining is an independent downstream energy partnership with refining and associated logistics properties in the Midcontinent United States. The company delivered an average positive earnings surprise of 7.05% in the last four quarters.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
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Phillips 66 (PSX) Beats Q2 Earnings, Revenues Estimates
Phillips 66 (PSX - Free Report) posted second-quarter 2018 adjusted earnings of $2.80 per share, which surpassed the Zacks Consensus Estimate of $2.16. The bottom line increased from the year-ago quarter’s figure of $1.09. The upside came on the back of higher contribution from all the segments.
Phillips 66 Price, Consensus and EPS Surprise
Phillips 66 Price, Consensus and EPS Surprise | Phillips 66 Quote
Quarterly revenues totaled $29.7 billion, up from the year-ago quarter’s tally of $24.6 billion. The figure also beat the Zacks Consensus Estimate of $29.4 billion.
Segment Results
Midstream
The segment generated adjusted quarterly earnings of $202 million, up from $96 million in the year-ago quarter. The expansion of its Sweeny Hub drove income.
Chemicals
The segment generated adjusted earnings of $262 million compared with $196 million in year-ago quarter. The improvement was supported by the ramp-up of the new U.S. Gulf Coast petrochemicals assets along with lowered down time.
Refining
The segment’s adjusted earnings of $910 million increased from $224 million in the prior-year quarter. During the quarter, Phillips 66’s refining utilization was 100%.
Marketing and Specialties (M&S)
This segment recorded earnings of $237 million, up from $214 million in the year-ago quarter.
Financial Condition
In the reported quarter, Phillips 66 generated $2.4 billion of cash from operations. It also returned capital worth $602 million to shareholders.
As of Jun 30, cash and cash equivalents were $1.9 billion along with debt of $8.5 billion. The company’s debt-to-capitalization ratio was 27%.
Q2 Price Performance
During the second quarter, Phillips 66’s shares gained 17.1% compared with the industry’s 13.9% rise.
Zacks Rank & Other Stocks to Consider
Currently, Phillips 66 carries a Zacks Rank #2 (Buy).
A few other top-ranked players in the same sector are ConocoPhillips (COP - Free Report) and China Petroleum and Chemical Corp. , also known as Sinopec, and CVR Refining, LP . All these stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ConocoPhillips, based in Houston, TX, is a major global exploration and production (E&P) company. It pulled off an average positive earnings surprise of 226.9% in the last four quarters.
Sinopec is one of the largest petroleum and petrochemical companies in Asia. The company delivered an average positive earnings surprise of 492.8% in the trailing four quarters.
Sugar Land, TX-based CVR Refining is an independent downstream energy partnership with refining and associated logistics properties in the Midcontinent United States. The company delivered an average positive earnings surprise of 7.05% in the last four quarters.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>