Markets
SUN

Sunoco LP Stock Slides on Q1 Loss Compared to Year-Ago Profit

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Sunoco LP (NYSE: SUN ) unveiled its latest quarterly results after hours Wednesday, which were weaker than the expected as the company was unable to turn a profit.

The solar power provider said its first quarter brought in revenue of $3.7 billion, a 33.5% gain from the $2.8 billion it raked in during the year-ago quarter. The figure was aided by an increase in the average selling price of fuel compared to the year-ago quarter.

Sunoco LP's total gross profit for the period surged to $296 million, better than the $256 million from the first quarter of fiscal 2017, thanks in part to higher motor fuel gross profits. Its loss from continuing operations was $78 million, including a $109 million loss on extinguishment of debt and other, compared to income of $12 million in the year-ago quarter .

The company's loss from discontinued operations, net of income taxes, was  $237 million  compared to a loss from discontinued operations, net of income taxes, of  $11 million  in the year-ago quarter. Sunoco LP's net loss was $315 million, or $3.74 per diluted share, compared to net income of $1 million, or 22 cents per diluted share in the first quarter of fiscal 2017.

Its adjusted EBITDA for the period was about $109 million, below its year-ago adjusted EBITDA of $155 million. The company's distributable cash flow on an adjusted basis was $85 million, compared to $77 million in the year-ago quarter.

SUN stock fell about 3% after the bell Wednesday on the company's underwhelming quarterly results.

More From InvestorPlace

Compare Brokers

The post Sunoco LP Stock Slides on Q1 Loss Compared to Year-Ago Profit appeared first on InvestorPlace .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

SUN

Other Topics

Stocks

Latest Markets Videos

    InvestorPlace

    InvestorPlace is one of America’s largest, longest-standing independent financial research firms. Started over 40 years ago by a business visionary named Tom Phillips, we publish detailed research and recommendations for self-directed investors, financial advisors and money managers.

    Learn More