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Marathon Petroleum Q1 profit falls YOY

Marathon Petroleum Corp. said its normalized net income for the first quarter came to 3 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 4 cents per share.

EPS decreased 85.7% year over year from 19 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $14.6 million, a decrease of 85.7% from $102.1 million in the prior-year period.

The normalized profit margin dropped to 0.1% from 0.9% in the year-earlier period.

Total revenue increased 32.5% on an annual basis to $14.52 billion from $10.96 billion, and total operating expenses climbed 32.3% year over year to $14.29 billion from $10.80 billion.

Reported net income rose 1,896.2% on an annual basis to $31.8 million, or 6 cents per share, from $1.6 million, or 0 cents per share.