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Sunoco expects strong 4Q
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December 8, 2000: 8:46 a.m. ET
Oil refiner says strong margins will propel it past analyst forecasts
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NEW YORK (CNNfn) - Sunoco Inc. expects to surpass Wall Street's fourth-quarter earnings estimates on the strength of strong margins in its oil refining business, the company revealed at an analyst meeting in New York Friday.
The Philadelphia-based company also said it had agreed to buy 250 retail gasoline stations from Coastal Corp. Terms of the deal were not disclosed, but the acquisition strengthens Sunoco's network of 2,700 nationwide locations, particularly in the Northeast.
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For the fourth quarter, Sunoco now expects to post earnings of between $1.05 and $1.30 a diluted share instead of the 87 cents a share analysts forecast, according to earnings tracker First Call.
Sunoco also said it expects to receive $130 million in cash and a $30 million after-tax gain related to a previously disclosed tax settlement with the Internal Revenue Service. 
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Sunoco
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