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Galp Energia SGPS profit misses consensus by 66.9% in Q3

Galp Energia SGPS SA said its third-quarter normalized net income amounted to 6 euro cents per share, compared with the S&P Capital IQ consensus estimate of 19 cents per share.

EPS declined 31.6% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €51.4 million, a decrease of 31.6% from €75.1 million in the prior-year period.

The normalized profit margin fell to 1.3% from 1.6% in the year-earlier period.

Total revenue fell 16.8% on an annual basis to €3.92 billion from €4.71 billion, and total operating expenses fell 16.0% year over year to €3.81 billion from €4.54 billion.

Reported net income totaled €27.0 million, or 3 cents per share, compared with a loss of €7.7 million, or a loss of 1 cents per share, in the year-earlier period.