Phillips 66 Q1 Profit Increases, beats estimates

(RTTNews) - Phillips 66 (PSX) announced a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $1.96 billion, or $4.20 per share. This compares with $582 million, or $1.29 per share, in last year's first quarter.

Excluding items, Phillips 66 reported adjusted earnings of $1.97 billion or $4.21 per share for the period.

Analysts on average had expected the company to earn $3.56 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Phillips 66 earnings at a glance (GAAP) :

-Earnings (Q1): $1.96 Bln. vs. $582 Mln. last year. -EPS (Q1): $4.20 vs. $1.29 last year. -Analyst Estimate: $3.56