Marathon Petroleum beats 4Q profit forecasts
FINDLAY, Ohio (AP) — Marathon Petroleum Corp. (MPC) on Wednesday reported fourth-quarter net income of $187 million.
On a per-share basis, the Findlay, Ohio-based company said it had net income of 35 cents. Earnings, adjusted for non-recurring costs, came to 79 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.
The refiner posted revenue of $15.68 billion in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $16.54 billion.
For the year, the company reported profit of $2.85 billion, or $5.26 per share. Revenue was reported as $72.26 billion.
Marathon Petroleum shares have declined 22 percent since the beginning of the year, while the Standard & Poor’s 500 index has dropped roughly 7 percent. The stock has decreased 14 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MPC at http://www.zacks.com/ap/MPC
Keywords: Marathon Petroleum, Earnings Report