PHILLIPS 66 Reports Strong Earnings for FY2023 Q2
August 13, 2023
☀️Earnings Overview
For the quarter ending June 30, 2023, PHILLIPS 66 ($NYSE:PSX) reported total revenue of USD 35.1 billion – a 27.8% decline from the same period in FY2022. Net income was USD 1.7 billion, representing a 46.4% decrease from the prior year.
Share Price
On Wednesday, PHILLIPS 66 reported strong earnings for its second quarter of Fiscal Year 2023. The company’s stock opened at $111.2 and closed at $109.0, a 2.8% decline from the previous closing price of 112.1. Despite the slight decrease in stock price, PHILLIPS 66 reported strong financial results for the quarter.
This further solidifies the company’s commitment to rewarding shareholders. Overall, PHILLIPS 66 posted strong results in its second quarter of Fiscal Year 2023 and despite the slight dip in stock price, its financial performance remains strong. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Phillips 66. More…
| Total Revenues | Net Income | Net Margin |
| 154.72k | 10.93k | 5.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Phillips 66. More…
| Operations | Investing | Financing |
| 10.05k | -1.47k | -8.51k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Phillips 66. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 77.26k | 42.35k | 65.92 |
Key Ratios Snapshot
Some of the financial key ratios for Phillips 66 are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 20.6% | 77.2% | 10.0% |
| FCF Margin | ROE | ROA |
| 5.0% | 31.9% | 12.5% |
Analysis
At GoodWhale, we conducted a detailed analysis of the fundamentals of PHILLIPS 66. Our Risk Rating puts PHILLIPS 66 at a medium risk investment, taking into account both financial and business aspects. Our analysis revealed two risk warnings in the income sheet and balance sheet. If you’re interested in learning more, please register with us to get the full details. More…
Peers
Phillips 66 is an American multinational energy company headquartered in Houston, Texas. It was founded in 1917 and is engaged in the refining, marketing, and transportation of petroleum products, chemicals, and other petrochemical products. The company has a market capitalization of $46.61 billion as of February 2021. Phillips 66 is one of the largest refiners in the United States with a refining capacity of 2.2 million barrels per day. The company operates in three segments: Refining, Midstream, and Chemicals. The Refining segment engages in the refining of crude oil and other feedstocks into transportation fuels, such as gasoline, diesel fuel, aviation fuel, and heavy fuel oils, as well as other refined products, such as petrochemicals and lubricants. The Midstream segment provides transportation, storage, and marketing services for crude oil, natural gas liquids (NGLs), and natural gas. The Chemicals segment manufactures and markets chemicals and plastics.
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Summary
Phillips 66 reported a significant decrease in earnings for its second quarter of fiscal year 2023. Total revenue for the quarter came in at $35.1 billion, a 27.8% decrease year-over-year. Net income also decreased to $1.7 billion, a 46.4% decrease from the prior year. These results are likely to affect investor confidence in the stock, with analysts predicting that the company’s share price could be driven down in response to the news.
Despite the net income decline, investors may still find value in Phillips 66 as it has a strong balance sheet and a healthy dividend yield. Analysts recommend that investors monitor the stock closely to assess how the market is reacting to the earnings report.
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