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Marathon Petroleum Q3 profit climbs 60.7% YOY

Marathon Petroleum Corp. said its normalized net income for the third quarter came to $1.86 per share, compared with the S&P Capital IQ consensus estimate of $1.81 per share.

EPS rose 70.0% year over year from $1.10.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.00 billion, a gain of 60.7% from $624.3 million in the year-earlier period.

The normalized profit margin rose to 6.0% from 2.6% in the year-earlier period.

Total revenue decreased 29.7% year over year to $16.75 billion from $23.83 billion, and total operating expenses fell 33.9% on an annual basis to $15.08 billion from $22.80 billion.

Reported net income grew 41.0% from the prior-year period to $946.9 million, or $1.76 per share, from $671.4 million, or $1.18 per share.