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Phillips 66 (PSX) Beats Q1 Earnings Estimates, Revenues Miss
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Earnings Beat:Phillips 66 (PSX - Free Report) reported first-quarter adjusted earnings of 40 cents per share. The bottom-line surpassed the Zacks Consensus Estimate of 34 cents.
Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate of earnings for the quarter has been unchanged in the last seven days.
Phillips 66 has an impressive earnings surprise history. The company managed to beat the Zacks Consensus Estimate in all the last four quarters, the average positive earnings surprise being 36.1%.
Revenues Miss: Quarterly revenues totaled $23.7 billion, down from the year-ago quarter’s $24.1 billion. The top line also missed the Zacks Consensus Estimate of $24.7 billion.
Key Stats: The Midstream segment generated adjusted quarterly earnings of $316 million, up from $280 million in the year-ago quarter on increased contributions from pipeline transportation businesses.
The Chemicals segment reported adjusted earnings of $227 million, down from $286 million in the year-ago quarter owing to lower margins.
The Refining segment’s adjusted loss was $219 million against the year-ago quarter’s earnings of $110 million. The underperformance can be attributed to unplanned downtime, maintenance work and a substantial decline in crude utilization rate. During the quarter, Phillips 66’s refining utilization was 84%.
Zacks Rank: Currently, Phillips 66 has a Zacks Rank #3 (Hold) but that could change following its first-quarter 2019 report which has just released. You can see the complete list of today’s Zacks #1 Rank stocks here.
Check back later for our full write up on this Phillips 66 earnings report later!
Is Your Investment Advisor Fumbling Your Financial Future?
See how you can more effectively safeguard your retirement with a new Special Report, “4 Warning Signs Your Investment Advisor Might Be Sabotaging Your Financial Future.”
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Phillips 66 (PSX) Beats Q1 Earnings Estimates, Revenues Miss
Earnings Beat: Phillips 66 (PSX - Free Report) reported first-quarter adjusted earnings of 40 cents per share. The bottom-line surpassed the Zacks Consensus Estimate of 34 cents.
Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate of earnings for the quarter has been unchanged in the last seven days.
Phillips 66 has an impressive earnings surprise history. The company managed to beat the Zacks Consensus Estimate in all the last four quarters, the average positive earnings surprise being 36.1%.
Revenues Miss: Quarterly revenues totaled $23.7 billion, down from the year-ago quarter’s $24.1 billion. The top line also missed the Zacks Consensus Estimate of $24.7 billion.
Key Stats: The Midstream segment generated adjusted quarterly earnings of $316 million, up from $280 million in the year-ago quarter on increased contributions from pipeline transportation businesses.
The Chemicals segment reported adjusted earnings of $227 million, down from $286 million in the year-ago quarter owing to lower margins.
The Refining segment’s adjusted loss was $219 million against the year-ago quarter’s earnings of $110 million. The underperformance can be attributed to unplanned downtime, maintenance work and a substantial decline in crude utilization rate. During the quarter, Phillips 66’s refining utilization was 84%.
Zacks Rank: Currently, Phillips 66 has a Zacks Rank #3 (Hold) but that could change following its first-quarter 2019 report which has just released. You can see the complete list of today’s Zacks #1 Rank stocks here.
Check back later for our full write up on this Phillips 66 earnings report later!
Is Your Investment Advisor Fumbling Your Financial Future?
See how you can more effectively safeguard your retirement with a new Special Report, “4 Warning Signs Your Investment Advisor Might Be Sabotaging Your Financial Future.”
Click to get it free >>