Tesoro Posts $67M Profit On Stronger Sales

By Pacific Business News (Honolulu)

Tesoro Corp., which operates Hawaiiâ¿¿s largest oil refinery and a corresponding retail brand, reported second-quarter earnings of $67 million on sales of $5.1 billion compared to a loss of $45 million on sales of $4.2 billion during the same period last year.

The 2010 results include a one-time gain of $24 million primarily related to changes to its post-retirement benefits programs.

San Antonio, Texas-based Tesoro (NYSE: TSO) said in a statement that the increase in operating income was driven in large part by improved marketing channels. But those gains were partially offset by decreased prices for gasoline and diesel.

Tesoroâ¿¿s stock closed Wednesday at $12.60 a share.

Copyright 2010 American City Business Journals

http://pacific.bizjournals.com/pacific/stories/2010/07/26/daily20.html?ana=thestreet

Copyright bizjournals.com 2010

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