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Marathon Petroleum Q2 profit falls YOY

Marathon Petroleum Corp. said its normalized net income for the second quarter came to 92 cents per share, compared with the S&P Capital IQ consensus estimate of $1.06 per share.

EPS fell 35.6% year over year from $1.42.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $473.4 million, a decline of 37.3% from $754.9 million in the year-earlier period.

The normalized profit margin dropped to 2.9% from 5.1% in the year-earlier period.

Total revenue rose 9.3% year over year to $16.34 billion from $14.95 billion, and total operating expenses rose 13.1% from the prior-year period to $15.36 billion from $13.58 billion.

Reported net income fell 40.0% from the prior-year period to $480.8 million, or 93 cents per share, from $801.8 million, or $1.51 per share.