Sunoco reports $101 million loss in first quarter
Sunoco Inc. has reported a $101 million loss in the first quarter of 2011 — far more than last year’s first quarter loss and more than analysts predicted.
As the Philadelphia Business Journal reports, the 84 cents per diluted share loss is 12 times more than the average estimate by analysts. Last year’s first quater loss was $63 million.
The loss is attributed to the rise in crude oil prices and operational reliability issues at two of it refineries.
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