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Sunoco Tops Profit Estimates

Revenue for the second quarter climbed to $7.99 billion from $6.28 billion last year.
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reported stronger quarterly earnings than Wall Street expected, and the company's financial results were better than a year ago, sending shares of the petroleum marketer and refiner higher in premarket trading.

The Philadelphia-based company reported net income of $242 million, or $1.75 a share, for the second quarter, up from $234 million, or $1.53 a share, a year ago.

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"Results continued to be very strong," said John G. Drosdick, Sunoco chairman and CEO, in a press release. "Our second-quarter earnings represent a new record for the company and on a per-share basis, year-to-date earnings are up 22% vs. last year's then-record first half."

Revenue for the quarter climbed to $7.99 billion from $6.28 billion last year. Analysts surveyed by Thomson First Call were looking for earnings of $1.56 in the second quarter.

Shares of Sunoco were gaining $3.64, or 5.6%, to $68.75 before the opening bell.