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Tesoro Corp. (TSO) Misses Q2 EPS by 12c; Approves $1B Buyback

July 30, 2014 5:20 PM EDT

Tesoro Corp. (NYSE: TSO) reported Q2 EPS of $1.70, $0.12 worse than the analyst estimate of $1.82. Revenue for the quarter came in at $11.1 billion versus the consensus estimate of $9.78 billion.

The board of directors has approved a new $1.0 billion share repurchase program to become effective upon the full completion of the Company`s current $1.0 billion share repurchase program, expected by the end of 2014.

Tesoro Corporation today also announced that the board of directors has approved an increase in the regular quarterly dividend by 20% and declared a regular quarterly cash dividend of $0.30 per share payable on September 15, 2014, to all holders of record as of August 29, 2014.

During the second quarter, Tesoro returned about $132 million to shareholders through the purchase of nearly two million of the Company`s shares for $100 million and its regular quarterly dividend. Through the end of July, the Company has purchased more than $50 million of additional shares, bringing total purchases to approximately $750 million under the existing $1.0 billion share repurchase program.

For earnings history and earnings-related data on Tesoro Corp. (TSO) click here.



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