Sunoco Earnings Cheat Sheet: Swing to a Loss

S&P 500 (NYSE:SPY) component Sunoco Inc. (NYSE:SUN) reported its results for the second quarter. Sunoco, Inc., through its subsidiaries, is a petroleum refiner and marketer and chemicals manufacturer.

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Sunoco Earnings Cheat Sheet for the Second Quarter

Results: Swung to a loss of $125 million ($1.03 per diluted share) in the quarter. The oil and gas refining and marketing company had net income of $145 million or $1.20 per share in the year earlier quarter.

Revenue: Rose 25.6% to $12.02 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: SUN reported adjusted net income of 40 cents per share. By that measure, the company fell short of mean estimate of 61 cents per share. It beat the average revenue estimate of $8.75 billion.

Quoting Management: “The company’s operations excluding special items were profitable on the strength of our logistics and retail segments. Sunoco Logistics Partners, L.P. had its best quarter ever and our logistics segment contributed $54 million to Sunoco’s earnings. Likewise, our retail segment also contributed strong earnings that approached a record for second quarter results. In Refining and Supply, our ability to take advantage of margin improvement was limited by low utilization that continued into April from the first quarter’s operational events.”

Key Stats:

Revenue has risen the past four quarters. Revenue increased 29.9% to $10.61 billion in the first quarter. The figure rose 14.1% in the fourth quarter of the last fiscal year from the year earlier and climbed 7.9% in the third quarter of the last fiscal year from the year-ago quarter.

Competitors to Watch: Valero Energy Corporation (NYSE:VLO), Western Refining, Inc. (NYSE:WNR), Alon USA Energy, Inc. (NYSE:ALJ), Holly Corporation (NYSE:HOC), Tesoro Corporation (NYSE:TSO), Delek US Holdings, Inc. (NYSE:DK), Calumet Specialty Products Partners, L.P (NASDAQ:CLMT), Murphy Oil Corporation (NYSE:MUR), CVR Energy, Inc. (NYSE:CVI), and Frontier Oil Corporation (NYSE:FTO).

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(Source: Xignite Financials)

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