Phillips 66 Reports Fall In Q1 Bottom Line

(RTTNews) - Phillips 66 (PSX) reported earnings for first quarter that decreased from last year

The company's bottom line totaled $487 million, or $1.18 per share. This compares with $748 million, or $1.73 per share, last year.

Phillips 66 earnings at a glance (GAAP) :

-Earnings: $487 Mln. vs. $748 Mln. last year. -EPS: $1.18 vs. $1.73 last year.

Excluding items, loss was $368 million, or $0.90 per share, compared with a profit of $822 million, or $1.90 per share, recorded for the same period last year. On average, analysts polled had expected the firm to report a loss of $0.72 per share, for the quarter. Analysts’ estimates typically exclude special items.

Mark Lashier, CEO of Phillips 66, said: “Our results reflect not only a challenging macro environment, but also the impact from one of our largest-ever spring turnaround programs, managed safely, on-time and under budget. Our assets, not impacted by planned maintenance, ran well.”