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Chevron profit beats consensus by 25.6% in Q3

Chevron Corp. said its normalized net income for the third quarter came to 93 cents per share, compared with the S&P Capital IQ consensus estimate of 74 cents per share.

EPS fell 67.9% year over year from $2.90.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.74 billion, a decline of 68.3% from $5.51 billion in the prior-year period.

The normalized profit margin dropped to 5.6% from 11.1% in the year-earlier period.

Total revenue fell 37.7% on an annual basis to $30.97 billion from $49.71 billion, and total operating expenses decreased 32.1% from the prior-year period to $29.69 billion from $43.70 billion.

Reported net income fell 63.5% on an annual basis to $2.04 billion, or $1.09 per share, from $5.59 billion, or $2.95 per share.