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Phillips 66: 1Q Earnings Snapshot

HOUSTON (AP) _ Phillips 66 (PSX) on Tuesday reported first-quarter net income of $204 million.

On a per-share basis, the Houston-based company said it had net income of 44 cents. Earnings, adjusted for non-recurring gains, were 40 cents per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.

The oil refiner posted revenue of $23.66 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $24.66 billion.

Phillips 66 shares have climbed 11% since the beginning of the year, while the Standard & Poor's 500 index has increased 17%. The stock has declined 14% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PSX at https://www.zacks.com/ap/PSX