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BP plc swings to loss in Q3

BP Plc said its third-quarter normalized net income amounted to a loss of 1 cents per share, compared with the S&P Capital IQ consensus estimate of 4 cents per share.

The per-share result swung to a loss from the prior-year profit of 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $190.1 million, compared with income of $717.5 million in the year-earlier period.

The normalized profit margin fell to negative 0.4% from 1.3% in the year-earlier period.

Total revenue fell 16.2% year over year to $46.84 billion from $55.91 billion, and total operating expenses decreased 14.5% from the prior-year period to $47.43 billion from $55.45 billion.

Reported net income rose 3,426.4% year over year to $1.62 billion, or 9 cents per share, from $45.9 million, or 0 cents per share.