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(RTTNews) - Phillips 66 (PSX) revealed earnings for first quarter that decreased from the same period last year and missed the Street estimates.

The company's earnings came in at $748 million, or $1.73 per share. This compares with $1.961 billion, or $4.20 per share, in last year's first quarter.

Excluding items, Phillips 66 reported adjusted earnings of $822 million or $1.90 per share for the period.

Analysts on average had expected the company to earn $2.17 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Phillips 66 earnings at a glance (GAAP) :

-Earnings (Q1): $748 Mln. vs. $1.961 Bln. last year. -EPS (Q1): $1.73 vs. $4.20 last year.

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