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Eni SpA profit beats consensus by 112.4% in Q2

Eni SpA said its normalized net income for the second quarter came to 29 euro cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

EPS declined 42.9% year over year from 51 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €1.04 billion, a decline of 43.0% from €1.83 billion in the prior-year period.

The normalized profit margin fell to 5.0% from 6.7% in the year-earlier period.

Total revenue decreased 18.9% year over year to €22.19 billion from €27.35 billion, and total operating expenses declined 15.2% from the prior-year period to €21.03 billion from €24.81 billion.

Reported net income came to a loss of €144.0 million, or a loss of 4 cents per share, compared with income of €649.7 million, or 18 cents per share, in the prior-year period.