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Marathon Petroleum Q1 profit climbs 353.1% YOY

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Marathon Petroleum Q1 profit climbs 353.1% YOY

Marathon Petroleum Corp. said its normalized net income for the first quarter came to $1.55 per share, compared with the S&P Capital IQ consensus estimate of $1.43 per share.

EPS increased 386.1% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $853.0 million, an increase of 353.1% from $188.3 million in the prior-year period.

The normalized profit margin climbed to 5.5% from 0.9% in the year-earlier period.

Total revenue decreased 29.4% on an annual basis to $15.39 billion from $21.79 billion, and total operating expenses fell 35.1% year over year to $13.94 billion from $21.47 billion.

Reported net income increased 350.8% year over year to $891.0 million, or $1.62 per share, from $197.7 million, or 34 cents per share.