Monday, Tesoro Corp. (TSO) reported third quarter net income of $33 million or $0.24 per share compared to $259 million or $1.86 per share in the same quarter last year.
On average, 19 analysts polled by Thomson Reuters expected the company to earn $0.01 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter declined to $4.7 billion from $8.7 billion in the comparable quarter last year. Analysts expected the company to report revenue of $4.71 billion for the quarter.
The company also said its board revised the quarterly cash dividend to $0.05 per share. The dividend is payable December 15, 2009 to shareholders of record as of December 1, 2009.
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