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Eni SpA profit beats consensus by 119.6% in Q1

Eni SpA said its first-quarter normalized net income came to 32 euro cents per share, compared with the S&P Capital IQ consensus estimate of 15 cents per share.

EPS fell 49.4% year over year from 63 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €1.15 billion, a decrease of 49.7% from €2.28 billion in the prior-year period.

The normalized profit margin declined to 5.0% from 7.8% in the year-earlier period.

Total revenue fell 18.5% year over year to €23.79 billion from €29.20 billion, and total operating expenses fell 9.4% from the prior-year period to €23.27 billion from €25.69 billion.

Reported net income fell 44.7% on an annual basis to €720.2 million, or 20 cents per share, from €1.30 billion, or 36 cents per share.