Marathon Petroleum earnings for the first quarter of 2019 have MPC stock heading lower on Wednesday.
Marathon Petroleum (NYSE:MPC) starts its earnings report for the first quarter of 2019 with losses per share of one penny. This is a decrease from the company’s earnings per share of 8 cents from the same time in 2018. It was also bad news for MPC stock by coming in below Wall Street’s earnings per share estimate of 6 cents for the quarter.
Net income reported by Marathon Petroleum for the first quarter of the year comes in at $259 million. This is an increase over the company’s net income of $235 million reported in the first quarter of the previous year.
Operating income reported in the Marathon Petroleum earnings release for the first quarter of 2019 is $669 million. That’s up from the company’s operating income of $440 million reported in the same period of the year prior.
The Marathon Petroleum earnings report for the first quarter of the year has it bringing in revenue of $28.62 billion. This is higher than the company’s revenue of $18.98 billion reported during the same time last year. This does have the company beating out analysts’ revenue estimate of $27.58 billion for the period. Unfortunately, this couldn’t stop MPC stock from dropping today.
“Throughout the quarter refining fundamentals improved, gasoline and distillate inventories rebalanced, and the April blended crack spread of $18.80 is more than double the first-quarter average,” Gary Heminger, Chairman and CEO of MPC, said in a statement. “We expect positive dynamics across all three of our business segments to support growing cash flows throughout the remainder of 2019.”
MPC stock was down 5% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.