Sunoco 2Q profit up |
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Thu, 02 Aug 2007 13:34
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PHILADELPHIA (AP) - Oil refiner and marketer Sunoco Inc. said late Wednesday its second-quarter profit rose 20 percent on a strong profit from its refining and supply division.Sunoco earned $509 million, or $4.20 per share, compared with $426 million, or $3.22 per share, for the same quarter in 2006.The results beat Wall Street predictions. Analysts polled by Thomson Financial expected a profit of $3.85 per share.Sunoco repurchased some 1.2 million shares or 1 percent of shares outstanding, at a cost of $100 million during the second quarter, said Douglas T. Terreson of Morgan Stanley.Revenue increased 1.6 percent to $10.76 billion from $10.59 billion in the year-ago period.Sunoco said the results were largely driven by a refining and supply profit of $482 million.The company said that lower-than-normal refined product inventories and continued healthy demand led to exceptionally strong realized margins in its northeast and midcontinent systems.Non-refining business unit earnings totaled $59 million, with the largest contribution coming from retail marketing as a result of improved retail gasoline margins in the second half of the quarter, the company said.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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