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Phillips 66 profit beats consensus by 18.6% in Q3

Phillips 66 said its third-quarter normalized net income amounted to $2.66 per share, compared with the S&P Capital IQ consensus estimate of $2.24 per share.

EPS increased 48.7% year over year from $1.79.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.45 billion, a gain of 43.3% from $1.01 billion in the prior-year period.

The normalized profit margin climbed to 6.5% from 2.8% in the year-earlier period.

Total revenue declined 39.2% year over year to $22.28 billion from $36.64 billion, and total operating expenses declined 42.3% year over year to $20.45 billion from $35.44 billion.

Reported net income grew 33.7% from the prior-year period to $1.58 billion, or $2.90 per share, from $1.18 billion, or $2.09 per share.