Also showed a massive improvement
The company reported adjusted earnings from continuing operations of $3.06 per share, which comfortably surpassed the Zacks Consensus Estimate of $2.15. The bottom line also showed a massive improvement from the year-ago quarter adjusted earnings per share of 44 cents.
Tesoro Corporation reported quarterly revenues of $11,151 million, which decreased from $11,241 million in the comparable quarter last year. Moreover, it failed to meet the Zacks Consensus Estimate of $11,305 million on marginally lower throughput volumes.
Segmental Analysis
Refining: The segment posted an operating income of $578 million, substantially higher than $128 million earned in the year-earlier quarter. Improvement in refining margins aided the results.
TLLP: During third-quarter 2014, TLLP contributed $61 million in operating profit, compared with $13 million in the year-ago quarter. The improvement can be attributed to higher volumes by the Los Angeles logistics assets and the High Plains System, in addition to increased contribution from the West Coast Logistics Assets.
Retail: The segment earned $138 million, a large rise from $56 million in the third quarter of 2013. The upside was driven by higher sales from ARCO, retail branding expansions and profitable market conditions. Higher fuel sales further aided the result.