Phillips 66 Q1 Income Drops 57%

(RTTNews) - Phillips 66 (PSX) released earnings for first quarter that lost ground compared to the same period last year.

The company said its earnings came in at $360 million, or $0.67 per share. This was lower than $834 million, or $1.51 per share, in last year's first quarter.

Analysts had expected the company to earn $0.87 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 24.2% to $17.76 billion. This was down from $23.43 billion last year.

Phillips 66 earnings at a glance:

-Earnings (Q1): $360 Mln. vs. $834 Mln. last year. -Earnings Decline (Y-o-Y): -56.8% -EPS (Q1): $0.67 vs. $1.51 last year. -EPS Decline (Y-o-Y): -55.6% -Analysts Estimate: $0.87 -Revenue (Q1): $17.76 Bln vs. $23.43 Bln last year. -Revenue Change (Y-o-Y): -24.2%