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Galp Energia SGPS profit misses consensus by 56.5% in Q1

Galp Energia SGPS SA said its first-quarter normalized net income came to 6 euro cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

EPS increased 31.3% year over year from 5 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €50.8 million, an increase of 31.3% from €38.7 million in the year-earlier period.

The normalized profit margin rose to 1.3% from 0.9% in the year-earlier period.

Total revenue decreased 6.4% year over year to €3.94 billion from €4.20 billion, and total operating expenses fell 7.2% from the prior-year period to €3.81 billion from €4.10 billion.

Reported net income came to a loss of €10.1 million, or a loss of 1 cents per share, compared with income of €13.8 million, or 2 cents per share, in the year-earlier period.