Phillips 66 Earnings: PSX Stock Hits the Gas on Q3 Beat

Phillips 66 (NYSE:PSX) earnings for the gas company’s third quarter of 2019 have PSX stock taking off on Friday. This is the result of its adjusted per-share earnings of $3.11. That’s an easy beat of Wall Street’s $2.59 estimate for the quarter. Revenue of $27.77 billion is just below analysts’ estimates of $27.79 billion but isn’t keeping PSX stock down today.

Phillips 66 Earnings: PSX Stock Hits the Gas on Q3 Beat
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Let’s take a deep dive into the most recent Phillips 66 earnings report.

  • Adjusted EPS is only slightly better than the $3.10 reported in the same period of the year prior.
  • Revenue for the quarter is down 9.22% from $30.59 billion in the third quarter of 2018.
  • Net income reported in the third-quarter Phillips 66 earnings report comes in at $712 million.
  • That’s a 52.22% drop from the company’s net income of $1.49 billion from the same time last year.
  • PSX also generated an operating cash flow of $1.70 billion during the quarter.

Greg Garland, Chairman and CEO of Phillips 66, said this in the current PSX stock earnings report.

“We continued to successfully execute our strategy and delivered another quarter of solid financial results. We operated safely and reliably and captured favorable margins in our Refining and Marketing businesses.”

Information in the Phillips 66 earnings report includes details to update shareholders on future plans during its analyst and investor day. This will take place in New York City on Nov. 6 at 8:30 a.m. Eastern Time. There will also be a live webcast of the event.

PSX stock was up 3.53% as of Friday afternoon and is up 25.55% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2019/10/phillips-66-earnings-bump-psx-stock-up/.

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