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TOTAL SA profit misses consensus by 37.1% in Q3

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TOTAL SA profit misses consensus by 37.1% in Q3

Total SA said its third-quarter normalized net income amounted to 65 cents per share, compared with the S&P Capital IQ consensus estimate of $1.04 per share.

EPS declined 60.6% year over year from $1.66.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.57 billion, a decline of 58.6% from $3.79 billion in the prior-year period.

The normalized profit margin declined to 4.5% from 7.0% in the year-earlier period.

Total revenue fell 35.6% on an annual basis to $34.90 billion from $54.22 billion, and total operating expenses declined 32.4% year over year to $33.12 billion from $48.99 billion.

Reported net income fell 70.0% from the prior-year period to $1.04 billion, or 45 cents per share, from $3.47 billion, or $1.52 per share.