Phillips 66 (PSX) Q1 Earnings And Revenues Beat Estimates
Zacks Investment Research | Apr 27, 2017 10:13PM ET
Phillips 66 (NYSE:PSX) posted adjusted first-quarter 2017 earnings of 56 cents per share that comfortably surpassed the Zacks Consensus Estimate of 3 cents. The bottom line, however, deteriorated from the year-ago quarter figure of 67 cents. Increased earnings from all its segments supported growth.
Quarterly revenues of $23.7 billion were significantly higher than the year-ago quarter level of $17.8 billion. The top line also beat the Zacks Consensus Estimate of $22.3 billion.
Segment Results
Midstream
The segment generated adjusted quarterly earnings of $77 million compared with $65 million in the year-ago quarter. Lower maintenance costs and higher equity earnings contributed to the growth.
Chemicals
The segment generated adjusted earnings of $181 million as against $156 million in the comparable quarter last year. The upside was mainly driven by improved margins, higher volumes and lower operating costs.
Refining
The segment generated adjusted earnings of $259 million compared with $86 million in the prior-year quarter. Higher realized margins led to the improvement, partially offset by higher costs and lower volumes due to turnaround activity. During the quarter, Phillips 66’s refining utilization and clean product yields were at 84% and 85%, respectively.
Marketing and Specialties (M&S)
Segmental earnings were $141 million as against $205 million in the comparable quarter last year.
Phillips 66 Price, Consensus and EPS Surprise
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