3 Reasons Phillips 66’s Earnings Were Such a Disappointment

Not only did those problems grow worse during the fourth quarter, but a range of items across several of the company’s other business segments caused its earnings to deteriorate even further. As a result, the company did not even come close to meeting expectations when it reported fourth-quarter results on Friday morning, as adjusted earnings were just $0.16 per share, which was $0.24 less than analysts’ expectations.