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Marathon Petroleum (MPC) Q3 Earnings, Revenue Miss Estimate
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Have you been eager to see how Marathon Petroleum (MPC - Free Report) – a leading downstream operator – performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Findlay, OH-based company’s earnings release this morning:
About Marathon Petroleum: Marathon Petroleum is a leading independent refiner, transporter and marketer of petroleum products. The company operates in three segments: Refining and Marketing, Speedway (Retail), and Pipeline Transportation.
Coming to earnings surprise history, the company has a mixed record: its missed estimates in 2 of the last four quarters resulting in an average negative surprise of 9.10%.
Estimate Revision Trend: Investors should note that the earnings estimate revisions for Marathon Petroleum depicted optimism prior to the earnings release. The Zacks Consensus Estimate improved slightly over the last 30 days.
We have highlighted some of the key details from the just-released announcement below:
A Lower-than-Expected Profit: Earnings per share (excluding charges associated with the Sandpiper Pipeline project) came in at 58 cents, lower than the Zacks Consensus Estimate of 78 cents. Lower margins led to the underperformance.
Revenue Came in Lower than Expected: Marathon Petroleum posted revenues of $16,460 million, missing the Zacks Consensus Estimate of $16,876.6 million. Moreover, revenues fell 12% on a year-over-year basis.
Key Stats:Operating income from the Refining & Marketing segment – which is the main contributor to Marathon Petroleum earnings – was $306 million compared with $1,434 million in the year-ago quarter. The deterioration reflects lower gross margin on the back of narrower crack spreads.
Total refined product sales volumes were 2,316 thousand barrels per day (mbpd), lower than 2,359 mbpd in the year-ago quarter. However, throughput improved from 1,912 mbpd in the year-ago quarter to 1,926 mbpd.
Check back later for our full write up on this Marathon Petroleum earnings report later!
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Marathon Petroleum (MPC) Q3 Earnings, Revenue Miss Estimate
Have you been eager to see how Marathon Petroleum (MPC - Free Report) – a leading downstream operator – performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Findlay, OH-based company’s earnings release this morning:
About Marathon Petroleum: Marathon Petroleum is a leading independent refiner, transporter and marketer of petroleum products. The company operates in three segments: Refining and Marketing, Speedway (Retail), and Pipeline Transportation.
Zacks Rank & Surprise History: Currently, Marathon Petroleum has a Zacks Rank #3 (Hold) but that could change following its third quarter 2016 earnings report which has just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Coming to earnings surprise history, the company has a mixed record: its missed estimates in 2 of the last four quarters resulting in an average negative surprise of 9.10%.
MARATHON PETROL Price and EPS Surprise
MARATHON PETROL Price and EPS Surprise | MARATHON PETROL Quote
Estimate Revision Trend: Investors should note that the earnings estimate revisions for Marathon Petroleum depicted optimism prior to the earnings release. The Zacks Consensus Estimate improved slightly over the last 30 days.
We have highlighted some of the key details from the just-released announcement below:
A Lower-than-Expected Profit: Earnings per share (excluding charges associated with the Sandpiper Pipeline project) came in at 58 cents, lower than the Zacks Consensus Estimate of 78 cents. Lower margins led to the underperformance.
Revenue Came in Lower than Expected: Marathon Petroleum posted revenues of $16,460 million, missing the Zacks Consensus Estimate of $16,876.6 million. Moreover, revenues fell 12% on a year-over-year basis.
Key Stats:Operating income from the Refining & Marketing segment – which is the main contributor to Marathon Petroleum earnings – was $306 million compared with $1,434 million in the year-ago quarter. The deterioration reflects lower gross margin on the back of narrower crack spreads.
Total refined product sales volumes were 2,316 thousand barrels per day (mbpd), lower than 2,359 mbpd in the year-ago quarter. However, throughput improved from 1,912 mbpd in the year-ago quarter to 1,926 mbpd.
Check back later for our full write up on this Marathon Petroleum earnings report later!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>