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Imperial Oil profit misses consensus by 25.9% in Q2

Imperial Oil Ltd. said its normalized net income for the second quarter was 42 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 57 cents per share.

EPS decreased 43.2% year over year from 74 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$356.9 million, a decrease of 43.2% from C$628.8 million in the prior-year period.

The normalized profit margin declined to 5.2% from 7.0% in the year-earlier period.

Total revenue fell 23.6% on an annual basis to C$6.88 billion from C$9.02 billion, and total operating expenses fell 21.3% on an annual basis to C$6.31 billion from C$8.02 billion.

Reported net income decreased 90.3% on an annual basis to C$119.1 million, or 14 cents per share, from C$1.23 billion, or C$1.45 per share.