Phillips 66 Beats Analyst Estimates Despite Earnings Dip in Q3

U.S. refining and chemicals giant Phillips 66 (NYSE: PSX) booked higher-than-expected earnings for the third quarter even if earnings plunged from a year earlier, as expected, due to weak refining margins and fuel demand. Phillips 66 reported on Tuesday adjusted earnings of $859 million, or $2.04 per share, for the third quarter, down from $2.

1 billion, or $4.63 EPS, for the same period last year. Despite the profit slump, the company’s adjusted EPS topped the analyst consensus estimate of $1.65 compiled by The Wall Street Journal. During…