Sunoco's Q4 Profit Falls With Demand

PHILADELPHIA – Sunoco Inc. (SUN) said its Q4 profit plummeted as it struggled with weak demand for energy products.

The Philadelphia refiner said Thursday it recorded net income of $26 million, or 22 cents per share, in October through December. That compares with a profit of $204 million, or $1.74 per share, a year earlier.

Revenue rose 4 percent to $8.97 billion from $8.64 billion in the fourth quarter of 2008.

The most recent results reflect one-time gains of $57 million. Excluding those, the company posted a net loss of $31 million, or 27 cents a share.

For the year, Sunoco reported a net loss of $329 million, or $2.81 per share. In 2008, it earned $776 million, or $6.63 a share.

Annual revenue fell to $31.3 billion from $51.07 billion.

The company expects the market for petroleum and chemical products to remain challenging because of the weak economy and excess supply.

It has forecast 2010 capital spending of about $840 million.

Source: AP

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