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Galp Energia SGPS profit beats consensus by 17.5% in Q2

Galp Energia SGPS SA said its second-quarter normalized net income amounted to 17 euro cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

EPS decreased 15.8% year over year from 20 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €139.0 million, a decrease of 15.8% from €165.1 million in the year-earlier period.

The normalized profit margin climbed to 4.2% from 3.9% in the year-earlier period.

Total revenue decreased 22.8% on an annual basis to €3.29 billion from €4.26 billion, and total operating expenses decreased 21.6% on an annual basis to €3.08 billion from €3.93 billion.

Reported net income declined 40.4% from the prior-year period to €65.7 million, or 8 cents per share, from €110.3 million, or 13 cents per share.