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Andeavor Q1 profit climbs 23.4% YOY

Andeavor said its normalized net income for the first quarter amounted to 89 cents per share, compared with the S&P Capital IQ consensus estimate of 97 cents per share.

EPS climbed 30.1% year over year from 68 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $112.6 million, a gain of 23.4% from $91.3 million in the year-earlier period.

The normalized profit margin rose to 1.8% from 0.9% in the year-earlier period.

Total revenue declined 35.4% on an annual basis to $6.32 billion from $9.79 billion, and total operating expenses decreased 37.0% from the prior-year period to $6.02 billion from $9.56 billion.

Reported net income increased 84.9% year over year to $145.9 million, or $1.15 per share, from $78.9 million, or 59 cents per share.