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Phillips 66 profit misses consensus by 17.7% in Q2

Phillips 66 said its normalized net income for the second quarter amounted to $1.49 per share, compared with the S&P Capital IQ consensus estimate of $1.81 per share.

EPS increased year over year from $1.46.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $817.0 million, a decline from $836.6 million in the year-earlier period.

The normalized profit margin increased to 3.3% from 2.0% in the year-earlier period.

Total revenue fell 40.1% year over year to $25.05 billion from $41.81 billion, and total operating expenses decreased 41.5% year over year to $24.05 billion from $41.12 billion.

Reported net income grew 17.3% year over year to $1.01 billion, or $1.84 per share, from $863.0 million, or $1.51 per share.