Tesoro Corp. on Wednesday reported profit that declined by 1.3 percent in its second quarter and missed analysts’ expectations.
The San Antonio-based company said earnings fell to $224 million, or $1.70 per share, from $227 million, or $1.64 per share, in the same quarter a year ago. The average per-share estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.83.
The company said revenue climbed 25 percent – to $11.1 billion from $8.9 billion – from the same quarter a year ago.
Tesoro shares have increased 89 cents, or 1.5 percent, to $59.39 since the beginning of the year, while the Standard & Poor’s 500 index has climbed 6.6 percent. The stock has risen $2.54, or 4.5 percent, in the last 12 months.