Tesoro Profit Misses Estimates, Sales Beats

(RTTNews) - Tesoro Corp (TSO), a refiner and marketer of petroleum products, on Thursday reported first-quarter net earnings of $145 million or $1.15 per share compared with $78 million or $0.58 per share last year.

Excluding items, adjusted earnings for the quarter were $0.98 per share compared with $0.72 per share a year ago.

Revenues for the quarter fell to $6.46 billion from $9.93 billion a year ago.

Analysts polled by Thomson Reuters estimated earnings of $1.29 per share on revenues of $5.94 billion for the quarter. Analysts' estimates typically exclude special items.

"We managed through a challenging first quarter which resulted from the labor disruption at our three West Coast refineries and planned maintenance at three refineries, including extended downtime at the Martinez refinery." said CEO Greg Goff.

The company expects earnings of $381 million for the second quarter, and $1.09 billion for the full year 2015.