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Here's What Key Metrics Tell Us About Phillips 66 (PSX) Q1 Earnings

Phillips 66 (PSX) reported $35.09 billion in revenue for the quarter ended March 2023, representing a year-over-year decline of 4.5%. EPS of $4.21 for the same period compares to $1.32 a year ago.

The reported revenue represents a surprise of +17.92% over the Zacks Consensus Estimate of $29.76 billion. With the consensus EPS estimate being $3.58, the EPS surprise was +17.60%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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Here is how Phillips 66 performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Refining Margins - Worldwide (Per Barrel): $20.72 versus the four-analyst average estimate of $20.14.

  • Refined Petroleum Products Production - Worldwide - Including Proportionate Share of Equity Affiliates: 1826 MBBL/D versus the four-analyst average estimate of 1848.5 MBBL/D.

  • Refining Margins - Central Corridor (Per Barrel): $26.86 versus $21.73 estimated by three analysts on average.

  • Refining Margins - Western/Pacific (Per Barrel): $16.53 compared to the $21.27 average estimate based on three analysts.

  • Refined Petroleum Products Production - West Coast: 314 MBBL/D compared to the 293 MBBL/D average estimate based on three analysts.

  • Refined Petroleum Products Production - Atlantic Basin/Europe: 438 MBBL/D versus the three-analyst average estimate of 508.67 MBBL/D.

  • Refined Petroleum Products Production - Gulf Coast: 580 MBBL/D versus 529 MBBL/D estimated by three analysts on average.

  • Refined Petroleum Products Production - Central Corridor: 494 MBBL/D versus 495.67 MBBL/D estimated by three analysts on average.

  • Refining Margins - Gulf Coast (Per Barrel): $21.28 compared to the $17.36 average estimate based on three analysts.

  • Refining Margins - Atlantic Basin/Europe (Per Barrel): $16.13 compared to the $19.89 average estimate based on three analysts.

  • Equity in earnings of affiliates: $611 million compared to the $454.80 million average estimate based on four analysts.

  • Sales and other operating revenues: $34.40 billion versus $30.56 billion estimated by four analysts on average.

View all Key Company Metrics for Phillips 66 here>>>

Shares of Phillips 66 have returned -3.6% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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