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Article: Tesoro Beats, Cuts Dividend in Half - Analyst Blog
- Article from:
- Zacks Investment Research - Analyst Blog
- Article date:
- November 9, 2009
- Author:
CopyrightCopyright 2009 Zacks Investment Research. (Hide copyright information)
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Tesoro Beats, Cuts Dividend in Half - Analyst Blog
Tesoro Corporation’s
(
TSO
) third-quarter 2009 results came in significantly better than expected, helped by better demand balance in the company’s key West Coast region. Earnings per share came in at 24 cents, against Zacks Consensus Estimate of a penny loss.
Tesoro’s outperformance is in contrast to the steep losses posted by the other major refiners that have already reported --
Valero Energy Corp.
(
VLO
) and
Sunoco Inc.
(
SUN
).
However, compared to the year-ago period, Tesoro’s earnings per share plunged 87.1%, while sales declined 45.4% to $4.7 billion -- severely hampered by ...