Phillips 66 (PSX - Free Report) is a diversified energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is an important asset in the portfolio.
The company operates through the four business segments, namely, Midstream, Chemicals, Refining, and Marketing and Specialties.
Currently, Phillips 66 has a Zacks Rank #3 (Hold) but that could change following its third quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
Earnings: Phillips 66 beats on earnings. Earnings per share from continuing operations (excluding special items) came in at $1.05, above the Zacks Consensus Estimate of $0.89.
Revenue: Revenues of $22.0 billion lagged the Zacks Consensus Estimate of $25.5 billion.
The Midstream segment generated adjusted quarterly earnings of $75 million compared with $101 million in the year-ago quarter. The Chemicals segment generated adjusted earnings of $101 million as against $252 million in the comparable quarter last year. The Refining segment generated adjusted earnings of $177 million compared with earnings of $1,003 million in the prior-year quarter. Marketing and Specialties (M&S) earnings were $267 million, down from $338 million reported in the comparable quarter last year.
Check back later for our full write up on this Phillips 66 earnings report later!
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