Phillips 66 (PSX), an energy manufacturing and logistics company, Thursday said fourth-quarter earnings were $1.15 billion, compared to $826 million last year. Earnings per share climbed to $2.05 from $1.37.
Adjusted earnings, excluding special items of $234 million, were $913 million in the fourth quarter, compared with adjusted earnings of $808 million in the prior year. Adjusted earnings per share were $1.63, compared to $1.34 last year.
On average, 17 analysts polled by Thomson Reuters expected earnings of $1.37 per share for the quarter. Analysts' estimates typically exclude special items.
Greg Garland, chairman and CEO of Phillips 66, said, "Our solid fourth quarter was the result of our diversified asset portfolio and operational excellence, even as commodity prices declined. During the quarter, we generated more than $1 billion in cash flow and returned over $800 million of capital to shareholders, while continuing to fund value-enhancing growth projects."
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