Tesoro Earnings: Here’s Why Shares are Falling Now
Tesoro Corporation (NYSE:TSO) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 1%.
Tesoro Corporation Earnings Cheat Sheet
Results: Net income increased to $27 million ($1.34 per diluted share) in the quarter versus a net loss of $124 million in the year-earlier quarter.
Revenue: Decreased 97.54% to $190 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Tesoro Corporation reported adjusted net income of $1.34 per share. By that measure, the company missed the mean analyst estimate of $1.37. It missed the average revenue estimate of $6.95 billion.
Quoting Management: “Our solid operating performance allowed us to capture strong crack spreads and report record fourth quarter adjusted earnings per share,” said Greg Goff, President and CEO. “For the full year 2012, we continued to demonstrate our ability to drive fundamental improvements in the business while reporting the highest adjusted earnings in the Company`s history.”
Key Stats (on next page)…