Tesoro Corp Earnings: Quarter Lacks Gusto

S&P 500 (NYSE:SPY) component Tesoro Corporation (NYSE:TSO) reported its results for the first quarter. Tesoro is an independent petroleum refiner and marketer in the United States that refines crude oil, sells refined products in bulk and wholesale markets and sells motor fuels in the retail market.

Investing Insights: What’s the Future of Microsoft’s Stock?

Tesoro Earnings Cheat Sheet for the First Quarter

Results: Net income for Tesoro Corporation fell to $56 million (39 cents per share) vs. $107 million (74 cents per share) a year earlier. This is a decline of 47.7% from the year-earlier quarter.

Revenue: Rose 19.8% to $7.82 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Tesoro Corporation beat the mean analyst estimate of 26 cents per share. It beat the average revenue estimate of $6.43 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 nearly half of our planned turnaround activity for 2012 during the quarter; made significant progress on our high-return capital program; further strengthened our refining and marketing integration; and completed the first asset drop-down to Tesoro Logistics.”

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 41.7%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 54.8% from the year earlier quarter.

The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with a loss of 89 cents versus a mean estimate of a loss of 66 cents per share.

The company reported a profit last quarter, following a quarter of being in the red. The company booked a net loss of $345 million, or $2.39 per share, in the third quarter of the last fiscal year.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the second quarter has moved up from $1.23 a share to $1.44 over the last sixty days. For the fiscal year, the average estimate has moved down from $4 a share to $3.69 over the last thirty days.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

Don’t Miss These Additional Hot Stories:

CBS Corp. Earnings Cheat Sheet: Increased Profit Helps Beat the Street>>

These Hot Stocks Were Make or Break in April>>

YOU WERE WARNED: Groupon Could be the Worst Public Investment EVER>>