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Sunoco tumbles to loss on higher crude price, weaker demand

SAN FRANCISCO (MarketWatch) — Independent oil refiner Sunoco Inc. , citing a steep rise in crude-oil prices and weaker gasoline demand, reported late Wednesday a first-quarter loss of $59 million, or 50 cents a share. The company had a profit of $175 million, or $1.44 a share, in the year-ago period. Excluding one-time items, the year-ago net income was $85 million. Revenue for the three months ended March 31 rose to $12.81 billion from $9.31 billion. Analysts surveyed by Thomson Financial predicted the Philadelphia-based company would hand in a loss of 43 cents a share. Sunoco shares fell 3% ahead of the report to close at $46.41.
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Original post by Forextvblog

This entry was posted on Wednesday, April 30th, 2008 at 5:24 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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