WASHINGTON (dpa-AFX) - Marathon Petroleum Corp. (MPC), an independent downstream and midstream energy company, on Tuesday reported higher net income despite a decrease in revenue in the fourth quarter compared with the previous year.
For the fourth quarter, net income attributable to the company increased to $1.54 billion from $371 million in the prior year.
Earnings per share were $5.12 versus $1.15 last year.
On the adjusted basis, net income attributable to the company increased to $1.22 billloon from $249 million in the previous year.
Adjusted earnings per share were $4.07 versus $0.77 last year.
On average, 15 analysts had expected the company to report $2.71 per share. Analysts' estimates typically exclude special items.
Adjusted EBITDA increased to $3.49 billion from $2.12 billion in the same period last year.
Income from operations increased to $2.69 billion from $1.14 billion in the prior year.
Revenue decreased to $33.43 billion from $33.47 billion in the previous year.
In the pre-market trading, Marathon Petroleum is 4.05% higher at $184.01 on the New York Stock Exchange.
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