Sunoco posts 3Q turnaround
Sunoco Inc. continued to report improved financial results compared with last year's losses.
The Philadelphia refiner today reported third-quarter net income of $65 million, or $0.54 per share, compared with a net loss of $312 million, or $2.67 per share, in last year's period. While the beleaguered refining and marketing unit reported a loss, it was offset by profits from Sunoco's logistics and coke-manufacturing operations.
For the first nine months of 2010, Sunoco reported net income of $147 million, a half-billion dollar swing from the first nine months of 2009.
Shares closed at $39.72, up 3 cents. - Andy Maykuth