Tesoro dips on lower 3rd-quarter net income
NEW YORK (AP) — Shares of Tesoro Corp. slipped Thursday after the oil refining company's third-quarter net income fell short of Wall Street estimates.
The company, based in San Antonio, reported results late Wednesday. Earnings fell 21 percent on costs related to the redemption of debt, crude oil delivery disruptions, and maintenance work. Revenue rose 8 percent and beat analysts' expectations.
Net income dropped to $273 million, or $1.92 per share, from $345 million, or $1.29 per share, a year ago. Excluding one-time items, the company earned $2.05 per share. Revenue increased 8 percent to $8.78 billion.
Analysts expected $2.33 per share and $7.27 billion in revenue, according to FactSet.
Tesoro shares fell $1.29, or 3.4 percent, to $36.42 in Thursday afternoon trading. The stock has ranged from $20.77 to $44.73 in the past 52 weeks.