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Thursday, November 05, 2009
Sunoco Swings To Loss On Weak Fuel Demand
By Jim Jelter
MarketWatch Pulse
SAN FRANCISCO -- Sunoco Inc. , citing weak fuel demand, reported late Thursday a third-quarter loss of $312 million, or $2.67 a share. A year ago it posted net income of $549 million, or $4.70 a share. Excluding one-time items, the company posted a third-quarter loss of $34 million, or 29 cents a share. Revenue for the three months ended Sept. 30 fell to $8.7 billion from $15.15 billion. Analysts polled by FactSet Research had expected Sunoco to lose 9 cents a share in the quarter on $7.9 billion in revenue. Shares of the Philadelphia-based independent oil refiner rose 2.4% ahead of the report to close at $31.42. The stock is up 2.7% over the past 12 months.
Copyright © 2009 MarketWatch, Inc.
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