Tesoro Q2 Results Trounce Estimates; Boosts Dividend

(RTTNews) - Tesoro Corp. (TSO) reported second quarter net earnings of $582 million or $4.59 per share, compared to $224 million or $1.70 per share for the year-ago quarter.

Income from continuing operations for the latest quarter were $586 million or $4.62 per diluted share.

Revenue for the second quarter fell to $8.23 billion from $11.10 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $4.02 per share on revenue of $6.80 billion for the second quarter. Analysts' estimates typically exclude special items.

Tesoro also said that the board of directors has increased the quarterly cash dividend by 18% to $0.50 per share, payable on September 14 to all holders of record as of August 28.