October 25, 2019 / 11:39 AM / a month ago

UPDATE 1-Refiner Phillips 66 beats profit estimates on fuel sales strength

(Compares with estimates)

Oct 25 (Reuters) - U.S. refiner Phillips 66 beat estimates for quarterly profit on Friday, boosted by strong performance in its fuel sales business.

Phillips 66 processes, transports, stores and markets fuels and products and has been redesigning its Phillips 66, 76 and Conoco branded sites in the United States.

The efforts paid off with adjusted earnings in the segment jumping nearly 30% to $498 million.

Refined product exports rose nearly 16% to 220,000 barrels per day in the third quarter, the company said.

Net earnings fell to $712 million, or $1.58 per share, in the third quarter ended Sept. 30, from $1.49 billion, or $3.18 per share, a year earlier.

Excluding a $690 million impairment related to investments in DCP Midstream, the company earned $3.11 per share.

Analysts on average had expected a profit of $2.59 per share, according to IBES data from Refinitiv. (Reporting by Shradha Singh in Bengaluru; Editing by Anil D'Silva and Sriraj Kalluvila)

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