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Empresas Copec profit misses consensus by 26.2% in Q3

Empresas Copec SA said its third-quarter normalized net income was 10 cents per share, compared with the S&P Capital IQ consensus estimate of 13 cents per share.

EPS decreased 8.9% year over year from 11 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $124.7 million, a decline of 8.9% from $136.9 million in the prior-year period.

The normalized profit margin declined to 2.2% from 2.3% in the year-earlier period.

Total revenue fell 26.4% on an annual basis to $4.47 billion from $6.07 billion, and total operating expenses declined 27.7% year over year to $4.15 billion from $5.75 billion.

Reported net income declined 7.0% on an annual basis to $142.8 million, or 11 cents per share, from $153.5 million, or 12 cents per share.