Phillips 66 Q1 Profit Rises - Quick Facts

(RTTNews) - Phillips 66 (PSX), an energy manufacturing and logistics company, said that its first-quarter of 2014 net income attributable to the company rose to $1.572 billion from the prior year's $1.407 billion, with earnings per share improving to $2.67 from $2.23 in the same quarter last year.

Adjusted earnings for the latest-quarter were $866 million excluding $706 million primarily related to the realized gain on the Phillips Specialty Products Inc. or PSPI exchange.

"We delivered a strong quarter, with solid performance and improved margins in our Midstream and Chemicals businesses....Our Refining results were impacted by planned downtime at several of our Gulf Coast and Central Corridor refineries and tightening crude spreads." said Greg Garland, chairman and CEO.

But, total revenues and other income for the quarter dropped to $41.10 billion from last year's $42.27 billion.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.34 per share and revenues of $42.90 billion for the quarter. Analysts' estimates typically exclude special items.