Marathon Petroleum Corporation (MPC) on Tuesday reported a return to profitability in the first quarter, mainly supported by higher revenue.
Net income attributable to shareholders was $511 million, reversing a loss of $74 million reported in the prior-year quarter. Earnings per share came in at $1.73, compared with a loss per share of $0.24 last year.
Excluding one-time items, adjusted earnings were $487 million or $1.65 per share.
Operating income increased to $1.404 billion from $687 million in the same period last year.
Adjusted EBITDA rose to $2.763 billion from $1.975 billion in the previous year.
Revenue and other income increased to $34.568 billion from $31.850 billion, driven by higher sales and operating revenues.
MPC shares were up more than 2% in pre-market trading after closing at $252.54 on Monday.
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