Sunoco Posts Big Earnings Beat; Shares Moving Higher After Hours (SUN)

Sunoco, Inc.

today reported net income attributable to Sunoco shareholders of $145 million ($1.20 per share diluted) for the second quarter of 2010 versus a net loss attributable to Sunoco shareholders of $55 million ($.47 per share diluted) for the second quarter of 2009. On an adjusted basis, which is comparable to analysts' estimates, SUN reported Q2 net income of $158 million, or $1.31 per share, compared to a loss of $31 million or $0.27 per share in the year ago period. This compared to Wall Street consensus EPS estimates of $0.77. Revenues came in at $9.586 billion versus $7.298 billion in the second quarter of 2009. This compares to analysts' consensus estimates of $8.25 billion. In the after hours trading session, SUN has jumped 4.61% to $35.87. "While market conditions during the second quarter remained challenging, our refining business was profitable for the first time since the first quarter of 2009. This is a clear indication that our decisive actions are beginning to show results. By improving margin capture, reducing costs, and optimizing the performance of our refineries, we achieved solid results during a period of continued economic weakness and excess supply of petroleum and chemical products,” said Lynn L. Elsenhans, Chairman and Chief Executive Officer.