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Empresas Copec profit misses consensus by 28.5% in Q2

Empresas Copec SA said its second-quarter normalized net income was 7 cents per share, compared with the S&P Capital IQ consensus estimate of 10 cents per share.

EPS fell 34.3% year over year from 11 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $95.2 million, a decrease of 34.3% from $145.0 million in the year-earlier period.

The normalized profit margin climbed to 3.1% from 2.9% in the year-earlier period.

Total revenue decreased 17.5% on an annual basis to $4.09 billion from $4.95 billion, and total operating expenses declined 16.5% from the prior-year period to $3.87 billion from $4.63 billion.

Reported net income declined 10.5% year over year to $172.7 million, or 13 cents per share, from $193.0 million, or 15 cents per share.