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Imperial Oil profit misses consensus by 16.7% in Q3

Imperial Oil Ltd. said its third-quarter normalized net income came to 45 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 54 cents per share.

EPS declined 51.0% year over year from 91 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$380.0 million, a decrease of 51.0% from C$775.6 million in the year-earlier period.

The normalized profit margin declined to 5.7% from 8.4% in the year-earlier period.

Total revenue declined 27.5% on an annual basis to C$6.70 billion from C$9.23 billion, and total operating expenses decreased 23.9% year over year to C$6.09 billion from C$8.00 billion.

Reported net income decreased 49.1% on an annual basis to C$476.5 million, or 56 cents per share, from C$936.0 million, or C$1.10 per share.