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BP plc profit misses consensus by 41.1% in Q3

BP Plc said its normalized net income for the third quarter came to 4 cents per share, compared with the S&P Capital IQ consensus estimate of 7 cents per share.

EPS fell 59.4% year over year from 10 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $717.5 million, a decrease of 59.7% from $1.78 billion in the prior-year period.

The normalized profit margin fell to 1.3% from 1.9% in the year-earlier period.

Total revenue declined 41.7% year over year to $54.73 billion from $93.90 billion, and total operating expenses decreased 40.5% from the prior-year period to $54.27 billion from $91.24 billion.

Reported net income fell 96.4% from the prior-year period to $45.9 million, or 0 cents per share, from $1.29 billion, or 7 cents per share.