Myung J. Chon / Los Angeles Times via Getty Images
Takeaways from the Key Takeaways
- Under pressure from activist Elliott Investment Management on Friday, shares of Phillips 66 fell after the energy company posted a larger-than-expected adjusted profit.
- The company reported a first quarter adjusted loss of $0.90 a share, which was worse than Visible Alpha’s estimate of $0.72 a share.
- CEO Mark Lashier blamed the results on a "challenging macro environment" and the company's restructuring efforts.
Under pressure from activist Elliott Investment Management (EIM), shares of Phillips 66 fell Friday, after the energy company posted a larger-than-expected adjusted profit.
The company reported a first quarter adjusted loss of $0.90 a share, which was worse than Visible Alpha’s estimate of $0.72 a share. The company’s adjusted EBITDA, which was $736 million, also fell short of analyst expectations.
"Our results reflect not only a challenging macro environment, but also the impact from one of our largest-ever spring turnaround programs, managed safely, on-time and under budget,” CEO Mark Lashier said.
"With the bulk of our turnarounds behind us, we are well positioned to capture stronger margins as the year unfolds," Lashier added.
Phillips 66’s shares, which had already lost 8% this year by Friday, fell 2% shortly after the markets opened.
