MPC - Marathon Q1 results - earnings beat share buybacks continue

Marathon (MPC) posted Q1 results ahead of the market open Tuesday, exceeding earnings expectations, marching forward with the Company's share repurchase program, and guiding to improved utilization in Q2:  Earnings - the Company generated $1.49 in earnings per diluted share, versus Street expectations for $1.28. Cash flow - Cash flow from operating activities of $2.5b, less $0.6b of favorable working capital changes, less $0.6b in capital expenditures, suggests Marathon (MPC) generated ~$1.3b in recurring free cash flow during the quarter, or ~2.6% of the Company's current market cap. Capital allocation - the dividend was unchanged (2.6% yield), while management reduced share count by almost 6% during the quarter; $7b remains authorized for share repurchases (~14% of shares outstanding). Guide - management plans to increase refinery utilization to 95% in Q2, running 2.9mb/d through the refineries, versus 2.8mb/d in Q1; refining operating costs are expected to rise from $5.22/b in Q1 to

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Marathon Q1 results - earnings beat, share buybacks continue