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On Feb.4, 2009,


(SUN) - Get Report

reported that it swung to net profit in Q4 FY08, benefiting from a decline in cost and expenses. Net profit stood at $204.00 million or $1.74 per share compared to a net loss of $9.00 million or $0.08 per share a year ago. Excluding one-time items, net income surged to $313.00 million or $2.68 per share from $23.00 million or $0.20 per share, which beat the most recent consensus estimate of $2.15 per share.

Revenue was down 30.6% to $9.14 billion from $13.16 billion a year ago. Refining and Supply's earnings expanded several times to $182.00 million, on higher realized margins offset by a decline in production. Total production available for sale declined to 867.50 barrels per day from 962.00 barrels per day. Realized wholesale margin (per barrel of production available for sale) ascended to $9.52 from $5.95. Retail Marketing earnings increased to $103.00 million from $1.00 million in Q4 FY07, due to higher retail gasoline and distillates margins. Chemicals segment's loss increased to $4.00 million from $2.00 million in the prior-year quarter, due to an increase in the margins for all products to 11.20 cents per pound from 8.90 cents in Q4 FY07. However, its sales declined 15.0% to $1.03 billion from $1.21 billion a year ago. Logistics segment's earnings more than doubled to $29.00 million, reflecting higher earnings from Sunoco Logistics Partners L.P. Coke business earnings ascended to $28.00 million from a loss of $2.00 million, due to increased price realizations from coal and coke production at the Jewell facility.

During Q4 FY08, Sunoco declared a cash dividend of $0.30 per share for Q1 FY09 payable on March 10, 2009. Recently, SUN announced to close its polypropylene manufacturing facility at Bayport, Texas, before Apr. 30, 2009.

For FY08, Sunoco's net income declined 12.9% to $776.00 million or $6.63 per share from $891.00 million or $7.43 per share, while its revenue increased 21.1% to $54.15 billion from $44.72 billion a year ago.

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