Phillips 66 Q2 Adj. Profit Declines

(RTTNews) - Phillips 66 (PSX) reported second quarter earnings of $1.7 billion compared to $3.2 billion, prior year. Earnings per share was $3.72 compared to $6.53. Adjusted earnings per share was $3.87 compared to $6.77. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $3.56, for the quarter. Analysts' estimates typically exclude special items.

Phillips 66 said its business transformation is on track to deliver $1 billion in run-rate savings by the end of 2023. As of June 30, the company has implemented $750 million of run-rate savings initiatives, which included $200 million of sustaining capital efficiencies.

Phillips 66 generated $1.0 billion in cash from operations in the second quarter of 2023. Excluding working capital impacts, operating cash flow was $2.0 billion.

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