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Phillips 66 profit misses consensus by 96.3% in Q4

Phillips 66 said its fourth-quarter normalized net income amounted to 1 cents per share, compared with the S&P Capital IQ consensus estimate of 39 cents per share.

EPS decreased 98.4% year over year from 94 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $7.8 million, a decrease of 98.5% from $506.5 million in the prior-year period.

The normalized profit margin dropped to 0.0% from 2.7% in the year-earlier period.

Total revenue grew 9.7% year over year to $20.24 billion from $18.45 billion, and total operating expenses grew 15.1% from the prior-year period to $20.36 billion from $17.70 billion.

Reported net income declined 75.2% on an annual basis to $161.0 million, or 31 cents per share, from $650.0 million, or $1.20 per share.

For the year, the company's normalized net income totaled $2.41 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $3.10.

EPS declined from $6.49 in the prior year.

Normalized net income was $1.28 billion, a decline from $3.55 billion in the prior year.

Full-year total revenue declined from the prior-year period to $70.90 billion from $85.19 billion, and total operating expenses declined year over year to $69.82 billion from $80.67 billion.

The company said reported net income declined year over year to $1.55 billion, or $2.92 per share, in the full year, from $4.23 billion, or $7.73 per share.