Phillips 66 Q2 Earnings Retreat 50%

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

The company said its bottom line fell to $499 million, or $0.94 per share. This was down from $1002 million, or $1.83 per share, in last year's second quarter.

Analysts had expected the company to earn $0.93 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 23.3% to $22.31 billion. This was down from $29.08 billion last year.

Phillips 66 earnings at a glance:

-Earnings (Q2): $499 Mln. vs. $1002 Mln. last year. -Earnings Decline (Y-o-Y): -50.2% -EPS (Q2): $0.94 vs. $1.83 last year. -EPS Decline (Y-o-Y): -48.6% -Analysts Estimate: $0.93 -Revenue (Q2): $22.31 Bln vs. $29.08 Bln last year. -Revenue Change (Y-o-Y): -23.3%