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OMV AG Q3 profit climbs 1,069.8% YOY

OMV AG said its normalized net income for the third quarter was €1.09 per share, compared with the S&P Capital IQ consensus estimate of €1.23 per share.

EPS increased 1,051.2% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €353.9 million, an increase of 1,069.8% from €30.3 million in the year-earlier period.

The normalized profit margin climbed to 7.7% from 0.6% in the year-earlier period.

Total revenue decreased 11.6% on an annual basis to €4.58 billion from €5.17 billion, and total operating expenses declined 23.2% year over year to €4.08 billion from €5.32 billion.

Reported net income rose 814.6% year over year to €439.0 million, or €1.35 per share, from €48.0 million, or 15 cents per share.