Phillips 66 Q3 Net Income Plunges, But Beats Estimates

(RTTNews) - Phillips 66 (PSX), a petroleum refiner, on Wednesday posted a steep decline in net profit for the third quarter. However, on an adjusted basis, the company's earnings beat analysts' expectations.

For the three-month period, the company registered a net income of $133 million, or $0.32 per share, compared with $346 million, or $0.82 per share, in the same period last year.

Excluding items, profit was $1.025 billion, or $2.52 per share, higher than $859 million, or $2.04 per share, a year ago. On average, the 18 analysts polled had expected the firm to earn $2.14 per share for the quarter. Analysts' estimates typically exclude special items.

PSX was up by 1.19% at $135.29 in the pre-market trade on the New York Stock Exchange.