Sunoco LP (SUN) shares plummeted 5.05% in pre-market trading on Tuesday, as investors reacted to the company's second-quarter earnings report that fell short of Wall Street's expectations.
The company reported earnings of $0.94 per share, which missed the analyst consensus estimate of $2.27 by a significant margin of 58.59%. While revenue of $14.259 billion beat the consensus estimate of $11.009 billion by 29.52%, the bottom-line miss overshadowed the top-line performance. Adjusted EBITDA came in at $996 million, above the IBES estimate of $943.1 million, but the market focused on the weaker-than-expected earnings per share.
Sunoco also declared a quarterly distribution of $1 per unit, and provided a full-year adjusted EBITDA outlook of $3.5 billion to $3.7 billion. Despite these positive aspects, the steep earnings miss drove the stock lower in the early session.