Phillips 66, a renowned multinational energy corporation, recently reported a notable decrease in its earnings for the first quarter compared to the previous year, falling short of the Street's predictions. In the first quarter, the company had earnings of $748 million or $1.73 per share, which is notably less when compared to the $1.961 billion or $4.20 per share reported in the same quarter of the previous year.
When items were excluded, the adjusted earnings reported by Phillips 66 for the period amounted to $822 million, which is equivalent to $1.90 per share. According to data gathered by Thomson Reuters, the average analyst expectation was for the company to earn $2.17 per share. It's important to note that these estimates typically don't factor in special items.
An at a glance comparison of Phillip 66's earnings in basic Generally Accepted Accounting Principles (GAAP) format is as follows:
- First quarter results: The company earned $748 million as compared to $1.961 billion during the same period last year.
- Per share earnings: $1.73 in the first quarter as opposed to $4.20 during the same period last year.
