Sunoco posts 39 pct decline in 3Q profit |
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Wed, 31 Oct 2007 23:06
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PHILADELPHIA (AP) - Oil refiner Sunoco Inc. said Wednesday third-quarter profit fell 39 percent, hurt by sharp increases in crude oil prices and a decline in gasoline demand.The company reported income of $216 million, or $1.81 per share, compared with $351 million, or $2.76 per share, in the year-ago period.Revenue rose 10 percent to $11.5 billion from $10.5 billion in the third quarter of 2006.Analysts polled by Thomson Financial, on average, estimated earnings of $2.14 per share.'In a very volatile market for refined product margins, the company posted solid third-quarter results,' said John G. Drosdick, chairman and chief executive, in a release. 'Our refining and supply business earned $171 million despite lower margins that resulted from the end-of-driving-season decline in gasoline demand and the sharp increase in crude oil prices during the quarter.'Sunoco's refining and supply unit reported profit slid to $171 million from $273 million, primarily due to higher refinery expenses.Profit in the company's retail marketing business fell by more than half to $31 million from $77 million in the year-ago quarter, hurt by lower average retail gasoline margins.Sunoco shares rose $1.90 to close at $73.60, then fell $1.50 to $1.50 to $72.10 in aftermarket trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Sunoco 3Q earnings $216M vs year-ago $351M; weak margins hit refining/supply biz 