PSX Phillips 66

   By Allison Prang 
 

Phillips 66 reported fourth-quarter results before the market opened Friday. Here's what you need to know:

PROFIT: Phillips said it earned $3.2 billion, or $6.25 a share, up from the $163 million, or 31 cents a share, in the fourth quarter of 2016. The increase was helped by a $2.7 billion benefit from tax reform. On an adjusted basis, overall profit was $548 million, or $1.07 a share, up from $83 million, or 16 cents a share a year ago. Analysts polled by Thomson Reuters were expecting adjusted earnings of $1.07 per share.

REFINING: The improvement in the company's adjusted earnings was fueled by significant increase in earnings in the refining business, which went from reporting an adjusted loss of $95 million for the fourth quarter of 2016 to reporting a profit this time of around $358 million.

Shares of Phillips fell 0.9% premarket on low volume. In the past year, they have risen 24%.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

February 02, 2018 07:57 ET (12:57 GMT)

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