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Pennzoil tops 4Q target
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February 5, 2002: 9:06 a.m. ET
Company that recently restated results posts profit excluding special items.
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NEW YORK (CNN/Money) - Pennzoil-Quaker State Co., which Monday restated nearly three years of financial results, posted fourth-quarter results Tuesday that topped Wall Street expectations.
The motor oil company earned $15.1 million, or 19 cents a share, from continuing operations, excluding special items. Analysts surveyed by earnings tracker First Call expected earnings of 17 cents. The company lost $3 million, or 4 cents a share, on the same basis a year earlier.
Including special items, the company lost $10.5 million, or 13 cents a share, from continuing operations in the latest period, and had a total net loss of $33.9 million, or 43 cents a share, including both continuing and discontinued operations.
Revenue fell to $545.9 million in the quarter from $585.6 million a year earlier due to asset sales in 2001.
The company's earnings statement did not give specific guidance for 2002 but said it expects double-digit percentage earnings growth this year. First Call's forecast is for 2002 earnings per share of $1.05, up 47 percent from the 65 cents it earned from continuing operations, excluding special items, in 2001.
The company's restatement of earlier results Monday resulted from an error in calculating revenue it received from a joint venture with Conoco (COC: Research, Estimates).
Shares of Pennzoil (PZL: down $0.23 to $13.68, Research, Estimates) lost 23 cents to $13.68 Monday. 
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