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S&P 500 (NYSE:SPY) component Sunoco Inc. (NYSE:SUN) climbed to a profit in the second quarter and beat Wall Street’s expectations in the process. Sunoco, through its subsidiaries, is a petroleum refiner and marketer and chemicals manufacturer.
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Sunoco Inc. Earnings Cheat Sheet
Results: Reported a profit of $248 million ($2.35 per diluted share) in the quarter. Sunoco Inc. had a net loss of $125 million or a loss $1.03 per share in the year-earlier quarter.
Actual vs. Wall St. Expectations: Sunoco Inc. beat the mean analyst estimate of 47 cents per share.
Quoting Management: “Sunoco had a solid quarter thanks to excellent results in its logistics and retail segments which contributed pretax income of $82 and $73 million, respectively. These businesses continue to provide steady, ratable cash flows we can count on,” said Brian P. MacDonald, Sunoco’s chairman, chief executive officer and president.
The company topped expectations last quarter after falling short of forecasts in the first quarter with a loss of 49 cents versus a mean estimate of a loss of 6 cents per share.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the third quarter has moved up from 37 cents a share to 39 cents over the last sixty days. For the fiscal year, the average estimate has moved up from 83 cents a share to $1.04 over the last sixty days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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