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Phillips 66 Q1 profit falls YOY

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Phillips 66 Q1 profit falls YOY

Phillips 66 said its normalized net income for the first quarter amounted to $1.41 per share, compared with the S&P Capital IQ consensus estimate of $1.42 per share.

EPS increased year over year from $1.36.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $781.3 million, a decline from $801.5 million in the prior-year period.

The normalized profit margin increased to 4.0% from 2.2% in the year-earlier period.

Total revenue declined 47.2% year over year to $19.42 billion from $36.76 billion, and total operating expenses decreased 49.0% from the prior-year period to $18.47 billion from $36.20 billion.

Reported net income grew 13.9% year over year to $986.0 million, or $1.79 per share, from $866.0 million, or $1.47 per share.