WASHINGTON (dpa-AFX) - Tesoro Corp. (TSO) reported third quarter 2012 net income attributable to the company of $273 million, or $1.92 per share down from $345 million, or $2.39 per share for the third quarter of 2011.
The 2012 results included one-time after-tax expenses totaling $0.13 per diluted share related primarily to the redemption of $1.2 billion of Senior Notes during the quarter. Excluding these items, the company earned $292 million, or $2.05 per share in the latest-quarter.
Other items impacting third quarter results include crude oil delivery disruptions and maintenance activities in the California region and incentive-based compensation accrual increases totaling a combined $65 million in pre-tax earnings.
The company announced that the board of directors has approved a 25% increase in the Company's regular quarterly cash dividend from $0.12 per share to $0.15 per share, effective with the quarterly dividend payable on December 14, 2012 to holders of record at the close of business on November 30, 2012.
Analysts polled by Thomson Reuters expected the company to report earnings of $2.30 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter rose to $8.78 billion from $8.10 billion in the prior year quarter. Five analysts had consensus revenue estimate of $8.51 billion for the quarter.
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