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Phillips 66 Partners (PSXP) Lags Q4 Earnings, Revenue Beat

Zacks Equity Research

An Earnings Miss: Phillips 66 Partners LP (PSXP) reported fourth quarter income per share of $1.09, lower than the Zacks Consensus Estimate of $1.10 but increased from the year earlier quarterly earnings of 83 cents per share. Lower terminal throughput and storage volumes led to the decline. This was offset by higher volumes recorded under Pipelines and Joint venture segments.

Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate has seen no revisions in the last seven days.

Nonetheless, Phillips 66 has an impressive earnings surprise history. Before posting the earnings in Q4, the company delivered positive surprises in three of the prior four quarters. Overall, the company has a positive earnings surprise of 6% in the trailing four quarters.
 

Phillips 66 Partners LP Price and EPS Surprise

Phillips 66 Partners LP Price and EPS Surprise | Phillips 66 Partners LP Quote

Revenues: Phillips 66 posted revenues of $393 million, beating the Zacks Consensus Estimate of $383 million. It also increased from the year-ago number of $331 million.

Key Stats: The volumes recorded under Pipelines segment was 2,084 thousands of barrels per day (MBbl/d), compared to 1,970 MBbl/d in the year-ago quarter. Volumes recorded under joint venture was 699 MBbl/d compared to 452 MBbl/d during the fourth quarter of 2017. Terminal throughput and storage volumes was 1,299 MBbl/d lower than 1,511 in the prior year quarter.

Zacks Rank: Currently, Phillips 66 Partners carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.

(You can see the complete list of today’s Zacks #1 Rank stocks here)

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