Phillips 66 (PSX) an energy manufacturing and logistics company, reported first-quarter earnings of $1.41 billion up from $636 million in the first quarter of 2012. On a per share basis, earnings increased to $2.23 from $1.00 last year.
Adjusted earnings for the quarter rose to $1.38 billion, from last year's $764 million, with adjusted earnings per share increasing to $2.19 from $1.20 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.89 per share for the quarter. Analysts' estimates typically exclude special items.
The Midstream segment, which includes results for Phillips 66's transportation business, recorded earnings of $110 million for the first quarter of 2013. Midstream adjusted earnings were $83 million, compared with $108 million in the prior year.
First-quarter Chemicals earnings were $282 million, an increase of $65 million from the same period last year primarily due to higher margins.
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