Phillips 66 (NYSE:PSX) stock was up today after the release of its earnings report for the second quarter of 2018.
Phillips 66’s earnings report for the second quarter of the year includes earnings per share of $2.80. This is up from the energy company’s earnings per share of $1.09 from the same time last year. It was also a boon to PSX stock by easily beating out Wall Street’s earnings per share estimate of $2.19 for the period.
During the second quarter of 2018, Phillips 66 reported net income of $1.34 billion. This is an increase over the company’s net income of $550 million that was reported in the second quarter of 2017.
The major factor behind Phillips 66’s major increase in net revenue for the second quarter of the year was its Refining business. The company notes that revenue for the segment was $910 million. In comparison, Refining revenue for the second quarter of the previous year was $89 million.
Revenue of $29.74 billion for the second quarter of 2018 also good news for PSX stock today. This is better than the company’s revenue of $24.58 billion that was reported in the same period of the year prior. It also came in above analysts’ revenue estimate of $29.13 billion for the quarter.
“Our diversified portfolio generated strong earnings and cash flows this quarter,” Greg Garland, Chairman and CEO of Phillips 66, said in a statement. “We advanced strategic growth initiatives and continued to reward our shareholders.”
PSX stock was up 2% as of noon Friday and is up 14% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.