Phillips 66 (PSX) Q4 Earnings And Revenues Beat Estimates
Zacks Investment Research | Jan 30, 2020 10:32PM ET
Phillips 66 (NYSE:PSX) posted fourth-quarter 2019 adjusted earnings per share of $1.54, beating the Zacks Consensus Estimate of $1.53, courtesy of contributions from chemical business. However, the bottom line plunged 68.4% from the year-ago figure of $4.87 due to soft refining margins.
Quarterly revenues totaled $29.6 billion, slightly down from the year-ago quarter’s $29.8 billion. However, the top line surpassed the Zacks Consensus Estimate of $27.3 billion.
Segmental Results
Midstream
The segment generated adjusted pre-tax quarterly earnings of $405 million, down from $409 million in the year-ago quarter.
Chemicals
Adjusted pre-tax earnings of $173 million were up from $152 million in the prior-year quarter.
Refining
Adjusted pre-tax profit of $345 million tanked from the year-ago quarter’s $2,008 million. This underperformance can be attributed to higher costs pertaining to turnaround activities and weak margins.
The segment’s realized refining margins worldwide fell to $9.50 per barrel from the year-ago quarter’s $16.53 per barrel.
Marketing and Specialties (M&S)
Pre-tax earnings plunged from $592 million in the year-ago quarter to $287 million.
Realized marketing fuel margins both for the United States and International markets contracted to $1.51 per barrel and $3.35 per barrel, respectively, from the year-ago quarter’s $1.95 per barrel and $11.99 per barrel each.
Phillips 66 Price, Consensus and EPS Surprise
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