Sun expects earnings to reach higher than analyst estimates

PHILADELPHIA -- Sun Co. said it expects to report a third quarter profit above estimates, compared with a loss in the same quarter a year ago.

The Philadelphia-based oil refiner predicted it will report earnings of about $1.15 a share on a fully diluted basis for the third quarter, compared with a loss of 25 cents a share in last year's third quarter.

Fully diluted means per-share earnings reflect the number of outstanding shares that would result if all convertible securities were converted into stock. Sun is expected to report its earnings on Oct. 23. A survey of 16 analysts by IBES International Inc. indicates Wall Street foresees Sun earning $1.05 a share. Robert Campbell, Sun chairman and chief executive, said Sun provided the estimates of third-quarter earnings a week ahead of time because of increased trading in the company's stock in recent weeks.

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