Tesoro misses Q2 EPS by $0.12 but approves $1B share buyback


Tesoro's (NYSE:TSO) Q2 earnings missed Wall Street expectations but a 2013 expansion of California operations and improved synergies helped produce a 9% Y/Y increase in earnings from continuing operations.

Q2 revenues rose 25% Y/Y to $11.1B, well above consensus, but cost of sales widened to $9.87B from $7.91B.

Estimates FY 2014 capital spending, excluding Tesoro Logisitcs (NYSE:TLLP), of $625M, a 7% reduction from prior guidance; TLLP capex is now seen at ~$200M, up 25% reflecting expected spending related to the construction of the Connolly Gathering System and the Anacortes truck rack.

Gross refining margin fell to $13.35/bbl from $14.75 during the prior-year period.

Hikes its quarterly dividend to $0.30 from $0.25 and announces a $1B stock repurchase program.

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Comments (3)
  • nic777
    , contributor
    Comments (159) | Send Message
     
    $1B share buyback over which period? That's a quarter of the market cap.
    30 Jul 2014, 07:30 PM Reply Like
  • Diogenes001
    , contributor
    Comments (52) | Send Message
     
    Closer to 1/8 market cap. I can not find buyback time frame, perhaps after the 7/31 7:30AM central conference call
    31 Jul 2014, 02:26 AM Reply Like
  • Diogenes001
    , contributor
    Comments (52) | Send Message
     
    They have completed $750M of the last $1B shares buyback to complete end of 2014. They will start the next $1B buyback then, no info on when that second one will complete
    31 Jul 2014, 12:39 AM Reply Like
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