Phillips 66 Q2profit Drops, Adj. Earnings Beat Market; Stock Up In Pre-market

(RTTNews) - Phillips 66 (PSX), a petroleum refineries company, reported Tuesday that its second-quarter earnings were $1.02 billion, down from last year's $1.70 billion.

Earnings per share were $2.38, compared to $3.72 a year ago.

Adjusted earnings were $984 million or $2.31 per share, compared to last year's $1.77 billion or $3.87 per share.

Analysts on average expected the company to report earnings of $1.98 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Pre-tax income for the quarter dropped to $1.31 billion from $2.24 billion a year ago.

In pre-market activity on the NYSE, Phillips 66 shares were gaining around 2.6 percent to trade at $144.09.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.