Categories Earnings, LATEST, Other Industries

Phillips 66 stock rallies after Q3 results beat street view

Diversified energy firm Phillips 66 (PSX) reported record earnings for the third quarter, supported by strong revenue growth in its main business segments. The market responded positively to the above-consensus results and the company’s stock gained about 4% in the pre-market trading.

Phillips 66 Q3 results beat estimates
Phillips 66 Q3 2018 Earnings Infographic

Net profit, adjusted for non-recurring items, surged to a record high of $1.46 billion or $3.10 per share in the September quarter from $0.86 billion or $1.66 per share a year earlier and came in above estimates. Reported earnings were $3.18 per share, higher than $1.60 per share recorded in the third quarter of 2017.

Income from Midstream more than doubled and Chemicals segment surged 74%, while the Refining division registered a 70% growth. Marketing and Specialties income was 53% higher compared to last year. During the quarter, total revenues jumped 16.7% annually to $30.59 billion, exceeding expectations.

Income from the Midstream and Chemicals segments rose 19% and 74% respectively, while the Refining division registered a 70% growth

“We demonstrated the value of our integrated portfolio, delivering strong earnings and advancing strategic growth projects in the third quarter. In the Central Corridor, Refining and Midstream ran at record levels, capturing favorable margins,” said CEO Greg Garland.

The management returned $775 million to shareholders through dividends and share repurchases during the three-month period. Over the past six years, the company repurchased or exchanged approximately 30% of its outstanding shares.

Phillips 66 posts upbeat earnings in Q2

A statement from the company said its Gray Oak Pipeline project, with 900,000 barrels per day of crude oil capacity, is on track for completion by the end of next year. Construction of two new fractionators and additional storage at Sweeny Hub is currently progressing, while sanction has been granted to further expand crude oil storage at the Beaumont Terminal.

Phillip 66 shares gained about 4% in the pre-market trading Friday, after closing the previous trading session higher. The stock dropped 3.6% since the beginning of the year, all along underperforming the market.

 

Follow our Google News edition to get the latest stock market, earnings, and financial news at your fingertips

Most Popular

United Parcel Service (UPS) seems on track to regain lost strength

Cargo giant United Parcel Service, Inc. (NYSE: UPS) ended fiscal 2023 on a weak note, reporting lower revenues and profit for the fourth quarter. The company experienced a slowdown post-pandemic

IPO Alert: What to look for when Boundless Bio goes public

Boundless Bio is preparing to debut on the Nasdaq stock market this week, and become the latest addition to the list of biotech firms that have launched IPOs this year.

Nike (NKE) bets on innovation and partnerships to return to high growth

Sneaker giant Nike, Inc. (NYSE: NKE) has been going through a rough patch for some time, with sales coming under pressure from weak demand and rising competition. Post-pandemic, the company

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top