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Phillips 66 posts lower Q3 earnings, beats Street estimate

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Phillips 66 posts lower Q3 earnings, beats Street estimate

Phillips 66 on Oct. 25 reported third-quarter adjusted earnings of $1.40 billion, or $3.11 per share, down from $1.46 billion, or $3.10 per share, a year ago.

The company beat the S&P Global Market Intelligence normalized earnings consensus estimate of $2.62 per share.

The refining segment posted an adjusted pretax income of $839.0 million, while the marketing and specialties segment brought in $498.0 million.

On a GAAP basis, consolidated earnings totaled $712.0 million, down from $1.49 billion in the prior-year period.

The company also returned $841.0 million to shareholders through dividends and share repurchases during the quarter.

In a separate release, Phillips 66 Partners LP reported third-quarter net income of $237.0 million, or $1.15 per unit, up from $217.0 million, or $1.10 cents per unit, a year earlier.