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Sunoco Swings To 2Q Loss On Write-Down As Refining Operations Weaken

DOW JONES NEWSWIRES Sunoco Inc. (SUN) swung to a second-quarter loss amid weak refining revenue and a large write-down from the sale of its Philadelphia chemicals plant. Shares still rose 2.5% to $36.80 after-hours after the company reported much better-than-expected revenue. The stock was off 11% this year through Thursday's broad sell-off. Most U.S. refiners have posted improving earnings this year as a widening price spread between two types of crude oil helps boost industry margins. Sunoco missed out on the windfall in the first quarter, however, after widespread refinery outages. Sunoco in July closed the sale of its phenol and acetone manufacturing plant in Philadelphia to an affiliate of Honeywell International Inc. (HON), forcing the company to set aside $118 million to write down the facility's assets. The independent refiner also finished its spinoff of SunCoke Energy, the biggest independent producer of a raw material for steelmaking. Fitch Ratings and Standard & Poor's Ratings Services both pushed Sunoco's credit ratings into junk territory after the split, saying the spinoff removed one of the company's more stable segments. Sunoco posted a loss of $125 million, or $1.03 a share, compared with a prior-year profit of $145 million, or $1.20 a share. Excluding the write-down provision and other items, the company posted a 40-cent profit, down from last year's $1.31 a share. Revenue rose 25% to $12.02 billion. Analysts polled by Thomson Reuters expected a 47-cent per-share profit and revenue of $8.75 billion. Sunoco's core refining and supply business swung to a loss in the latest quarter on lower realized margins and decreased production volumes, though the unit's crude utilization rate climbed to 84% from 74%. Earnings in Sunoco's retail business fell 5.5% absent a favorable litigation settlement from last year as higher credit-card fees hurt profit. Earnings jumped 80% in the logistics business on expanded crude oil volumes and revenue from recent acquisitions. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; [email protected]

Stock News for Honeywell (HON)
DateTimeHeadline
03/24/201714:15:00Honeywell To Release First Quarter Financial Results And Hold...
03/21/201710:20:00Four New Honeywell Safety Products Win Prestigious iF Design...
03/21/201709:57:00Indian Refinery To Use Honeywell UOP Technology To Meet Rising...
03/21/201709:00:00Honeywell Auxiliary Power Units Now Standard On All Airbus A320s
03/20/201709:57:00Wantong Petrochemical Is First To Use Honeywell Hydrotreating...
03/17/201709:57:00Diamond Green Diesel To Expand Renewable Fuel Capacity Using...
03/09/201707:34:15Additional Proxy Soliciting Materials (definitive) (defa14a)
03/09/201707:32:02Proxy Statement (definitive) (def 14a)
03/09/201701:00:00Honeywell's Smart Airport Technology To Maximize Safety And Efficiency...
03/07/201709:00:00Honeywell Helps U.S. Air Force Drive Efficiency Savings At Los...
03/06/201716:03:37Current Report Filing (8-k)
03/06/201713:00:00Honeywell Engines Continue To Power Eagle 407HP Helicopters
03/06/201712:39:00Honeywell To Present At J.P. Morgan Aviation, Transportation...
03/06/201711:00:00Honeywell Receives Certification To Keep Helicopters Connected...
03/06/201709:00:00Honeywell Forecasts 3,900 To 4,400 Global Helicopter Deliveries...
03/02/201716:17:35Statement of Changes in Beneficial Ownership (4)
03/02/201716:16:41Statement of Changes in Beneficial Ownership (4)
03/02/201716:16:15Statement of Changes in Beneficial Ownership (4)
03/02/201716:15:51Statement of Changes in Beneficial Ownership (4)
03/02/201716:14:57Statement of Changes in Beneficial Ownership (4)

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