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Marathon Petroleum profit misses consensus by 17.8% in Q2

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Marathon Petroleum profit misses consensus by 17.8% in Q2

Marathon Petroleum Corp. said its second-quarter normalized net income amounted to $1.44 per share, compared with the S&P Capital IQ consensus estimate of $1.75 per share.

EPS rose year over year from $1.41.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $782.0 million, a decrease from $816.6 million in the year-earlier period.

The normalized profit margin rose to 4.2% from 3.2% in the year-earlier period.

Total revenue declined 26.3% year over year to $18.62 billion from $25.28 billion, and total operating expenses decreased 27.8% on an annual basis to $17.31 billion from $23.96 billion.

Reported net income fell from the prior-year period to $821.4 million, or $1.51 per share, from $855.4 million, or $1.48 per share.