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Phillips 66 (PSX) Lags Q1 Earnings, Revenues Beat

Phillips 66 (PSX) is a diversified energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is an important asset in the portfolio.

The company operates through the four business segments, namely, Midstream, Chemicals, Refining, and Marketing and Specialties.

Currently, Phillips 66 has a Zacks Rank #4 (Sell) but that could change following its first quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
 
Earnings: Phillips 66 misses on earnings. Earnings per share from continuing operations (excluding special items) came in at 67 cents, below the Zacks Consensus Estimate of 86 cents.
 
Revenue: Revenues of $17.8 billion came above the Zacks Consensus Estimate of $16.9 billion.

Key Stats:

The Midstream segment generated adjusted quarterly earnings of $65 million compared with $67 million in the year-ago quarter. The Chemicals segment generated adjusted earnings of $156 million as against $203 million in the comparable quarter last year. The Refining segment generated adjusted earnings of $86 million compared with earnings of $538 million in the prior-year quarter. Marketing and Specialties (M&S) earnings were $205 million, down from $304 million reported in the comparable quarter last year.

Check back later for our full write up on this Phillips 66 earnings report later!
 
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PHILLIPS 66 (PSX): Free Stock Analysis Report
 
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