Tesoro Earnings: Here’s Why the Stock is Falling Now
Tesoro Corporation (NYSE:TSO) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 4.74%.
Tesoro Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 87.18% to $0.73 in the quarter versus EPS of $0.39 in the year-earlier quarter.
Revenue: Rose 4.3% to $8.16 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Tesoro Corporation reported adjusted EPS income of $0.73 per share. By that measure, the company beat the mean analyst estimate of $0.72. It beat the average revenue estimate of $6.58 billion.
Quoting Management: “We are pleased with our first quarter results, which reflect a solid operating performance and continued execution of our strategic plan,” said Greg Goff, President and CEO. “We completed a major portion of our planned turnaround activity for 2013; developed the next phase of our West Coast crude oil strategy with the formation of the Tesoro-Savage joint venture; began the process to cease crude oil refining operations in Hawaii; and continued returning cash to shareholders through share repurchases and dividend payments.”
Key Stats (on next page)…