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.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.