Phillips 66 Misses Q2 Earnings Estimates; Stock Tumbles (PSX)

Phillips 66 (PSX) reported its second quarter results before the opening bell on Wednesday morning, posting higher adjusted EPS which missed analysts’ estimates.

PSX’s Earnings in Brief

Phillips 66 reported earnings of $863 million, or $1.51, compared to last year’s Q2 earnings of $958 million, or $1.53 per share. Philips’ adjusted earnings for the most current quarter are the same as non-adjusted earnings, but the $1.51 EPS is higher than last year’s Q2 adjusted EPS of $1.47. PSX’s EPS figure came in below analysts’ estimates of $1.70.

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CEO Commentary

PSX chairman and CEO Greg Garland had the following comments: “We ran well during the quarter. Chemicals earnings were driven by strong olefin and polyolefin chain margins. Refining benefited from higher utilization; however, our market capture rate declined. We continued our disciplined approach to capital allocation. We increased our dividend in the second quarter and the board recently approved an additional $2 billion share repurchase program. In July, we increased our 2014 capital budget to fund acquisitions in our Midstream and Specialties businesses, and to support organic growth projects.”

PSX’s Dividend

Phillips 66 will pay its next quarterly dividend of 50 cents on September 2. The stock goes ex-dividend on August 13.

Stock Performance

Phillips 66 stock was down $2.92, or 3.54%, in pre-market trading. YTD, the stock is up 7.87%.

PSX Dividend Snapshot

As of Market Close on July 29, 2014

Click here to see the complete history of PSX dividends.