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Marathon Petroleum profit misses consensus by 74.5% in Q3

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Marathon Petroleum profit misses consensus by 74.5% in Q3

Marathon Petroleum Corp. said its normalized net income for the third quarter came to 21 cents per share, compared with the S&P Capital IQ consensus estimate of 81 cents per share.

EPS decreased 89.0% year over year from $1.86.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $109.1 million, a decline of 89.1% from $1.00 billion in the prior-year period.

The normalized profit margin declined to 0.7% from 6.0% in the year-earlier period.

Total revenue fell 11.9% year over year to $14.75 billion from $16.75 billion, and total operating expenses fell 6.4% year over year to $14.11 billion from $15.08 billion.

Reported net income decreased 84.9% from the prior-year period to $143.1 million, or 27 cents per share, from $946.9 million, or $1.76 per share.