Phillips 66 (PSX) has reported a 38.96 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $535 million, or $1.02 a share in the quarter, compared with $385 million, or $0.72 a share for the same period last year.
Revenue during the quarter surged 33.51 percent to $23,712 million from $17,760 million in the previous year period. Gross margin for the quarter contracted 738 basis points over the previous year period to 25.44 percent. Total expenses were 96.20 percent of quarterly revenues, up from 96.20 percent for the same period last year.
Operating income for the quarter was $901 million, compared with $675 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $976 million compared with $1,132 million in the prior year period. At the same time, adjusted EBITDA margin contracted 226 basis points in the quarter to 4.12 percent from 6.37 percent in the last year period.
"We have successfully completed several major turnarounds in Refining and Chemicals," said Greg Garland, chairman and chief executive officer of Phillips 66. "First-quarter earnings reflect this downtime and also highlight the benefit of a diversified portfolio. Our Chemicals business had solid results on good demand and improved margins. The Freeport LPG Export Terminal is fully operational, and we have several Midstream and Chemicals projects nearing completion. Our safety performance did not meet expectations this quarter. We remain dedicated to operating excellence, executing our Midstream and Chemicals growth strategy, enhancing returns in Refining, and returning cash to shareholders."
Operating cash flow turns negative Phillips 66 has spent $549 million cash to meet operating activities during the quarter as against cash inflow of $258 million in the last year period.
Cash flow from investing activities was $158 million for the quarter as against cash outgo of $862 million in the last year period.
The company has spent $686 million cash to carry out financing activities during the quarter as against cash outgo of $783 million in the last year period.
Cash and cash equivalents stood at $1,636 million as on Mar. 31, 2017, down 5.05 percent or $87 million from $1,723 million on Mar. 31, 2016.
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