Marathon Petroleum Corp. (MPC) on Tuesday reported higher profit for the third quarter, supported by stronger investment income, while revenue increased slightly. However, earnings came in below analysts' expectations, sending the stock down more than 6% in pre-market trading.
Net income rose to $1.37 billion, or $4.51 per share, from $622 million, or $1.87 per share, a year earlier.
Excluding one-time items, adjusted income was $915 million, or $3.01 per diluted share, which included a $56 million charge related to the quarterly fair value remeasurement of performance-based stock compensation. Earnings missed the analysts' estimate of $3.16 per share. Analysts' estimates typically exclude special items.
Revenue rose to $35.849 billion from $35.373 billion in the same quarter last year, above the consensus forecast of $31.71 billion.
Sales and other operating revenues declined slightly to $34.809 billion from $35.107 billion, while income from equity method investments rose sharply to $976 million from $219 million a year ago.
MPC President and Chief Executive Officer Maryann Mannen said MPLX, a unit of MPC, will provide $2.8 billion in annualized distributions, which are expected to cover dividends and standalone capital spending, while also serving as a source of capital allocation.
On Monday, MPC shares closed at $195.79, up 0.45%.
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