Phillips 66 stock was on the rise Friday following the release of its earnings report for the third quarter of 2018.
Phillips 66’s (NYSE:PSX) earnings report for the third quarter of the year includes earnings per share of $3.10. This is a major increase over the company’s earnings per share of $1.66 from the same period of the year prior. It was also good news for Phillips 66 stock by coming in above Wall Street’s earnings per share estimate of $2.45 for the quarter.
Net income reported by Phillips 66 for the third quarter of 2018 came in at $1.57 billion. The multinational energy company reported net income of $849 million for the third quarter of 2017.
The net income increased for the third quarter of the year is due to a couple of well performing segments. The first of these is Phillips 66’s Midstream segment, which saw net income increase from $202 million to $240 million during the quarter.
Another segment of Phillip 66’s that did well during the most recent quarter was Refining. The company notes that its Refining net income for the third quarter of 2018 was $936 million. Refining revenue from the third quarter of the previous year was $910 million.
During the third quarter of the year, Phillips 66 reported revenue of $30.59 billion. This is up from the company’s revenue of $26.21 billion that was reported during the same time last year. It is also a boon to Phillips 66 stock by beating out analysts’ revenue estimate of $29.88 billion for the period.
PSX stock was up 3% as of Friday afternoon, but is down 3% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.