Sunoco LP (NYSE:SUN) unveiled its latest quarterly results after hours Wednesday, which were weaker than the expected as the company was unable to turn a profit.
The solar power provider said its first quarter brought in revenue of $3.7 billion, a 33.5% gain from the $2.8 billion it raked in during the year-ago quarter. The figure was aided by an increase in the average selling price of fuel compared to the year-ago quarter.
Sunoco LP’s total gross profit for the period surged to $296 million, better than the $256 million from the first quarter of fiscal 2017, thanks in part to higher motor fuel gross profits. Its loss from continuing operations was $78 million, including a $109 million loss on extinguishment of debt and other, compared to income of $12 million in the year-ago quarter .
The company’s loss from discontinued operations, net of income taxes, was $237 million compared to a loss from discontinued operations, net of income taxes, of $11 million in the year-ago quarter. Sunoco LP’s net loss was $315 million, or $3.74 per diluted share, compared to net income of $1 million, or 22 cents per diluted share in the first quarter of fiscal 2017.
Its adjusted EBITDA for the period was about $109 million, below its year-ago adjusted EBITDA of $155 million. The company’s distributable cash flow on an adjusted basis was $85 million, compared to $77 million in the year-ago quarter.
SUN stock fell about 3% after the bell Wednesday on the company’s underwhelming quarterly results.