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Royal Dutch Shell swings to loss in Q3

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Royal Dutch Shell swings to loss in Q3

Royal Dutch Shell plc said its normalized net income for the third quarter came to a loss of 90 cents per share, compared with the S&P Capital IQ consensus estimate of 49 cents per share.

The per-share result swung to a loss from the prior-year profit of 81 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.72 billion, compared with income of $5.11 billion in the prior-year period.

The normalized profit margin fell to negative 8.3% from 4.7% in the year-earlier period.

Total revenue fell 36.3% year over year to $68.71 billion from $107.85 billion, and total operating expenses fell 23.2% year over year to $77.78 billion from $101.29 billion.

Reported net income totaled a loss of $7.42 billion, or a loss of $1.17 per share, compared with income of $4.43 billion, or 70 cents per share, in the year-earlier period.