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OMV AG profit misses consensus by 59.6% in Q1

OMV AG said its normalized net income for the first quarter amounted to 24 euro cents per share, compared with the S&P Capital IQ consensus estimate of 61 cents per share.

EPS fell 68.6% year over year from 78 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €80.0 million, a decline of 68.7% from €255.2 million in the year-earlier period.

The normalized profit margin dropped to 1.4% from 2.6% in the year-earlier period.

Total revenue fell 40.7% on an annual basis to €5.83 billion from €9.83 billion, and total operating expenses decreased 38.8% year over year to €5.60 billion from €9.15 billion.

Reported net income fell 45.7% year over year to €163.2 million, or 50 cents per share, from €300.6 million, or 92 cents per share.