Phillips 66 Q3 Profit Falls

(RTTNews) - Phillips 66 (PSX), an integrated downstream energy provider, Tuesday reported profit of $346 million or $0.82 per share for the third quarter, significantly lower than $2.097 billion or $4.69 per share in the same quarter a year ago.

Excluding one-time items, earnings were $859 million or $2.04 per share compared with $2.07 billion or $4.63 per share last year. On average, 17 analysts expected the company to report earnings of $1.66 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBITDA, or adjusted earnings before interest, taxes, depreciation, and amortization was $1.998 billion, down $2.183 billion in the previous quarter.