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09.05.2014 23:17:39
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Adams Resources Profit Falls On Lower Revenue, Expenses
(RTTNews) - Adams Resources & Energy Inc (AE) Friday reported first-quarter net earnings of $5.4 million or $1.27 per common share compared with $8 million or $1.90 per share last year.
Revenues for the quarter were $949.2 million compared with $952.4 million a year ago.
CEO Frank "Chip" Webster attributed the earnings reduction to narrowed unit margins within the company's crude oil marketing business.
Expenses for the quarter were higher at $940.7 million compared with $939.7 million last year.
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