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Imperial Oil profit misses consensus by 39.6% in Q4

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Imperial Oil profit misses consensus by 39.6% in Q4

Imperial Oil Ltd. said its normalized net income for the fourth quarter amounted to 27 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 45 cents per share.

EPS climbed 231.3% year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$231.9 million, a gain of 231.3% from C$70.0 million in the prior-year period.

The normalized profit margin rose to 3.5% from 1.2% in the year-earlier period.

Total revenue grew 14.7% year over year to C$6.67 billion from C$5.82 billion, and total operating expenses climbed 11.6% year over year to C$6.35 billion from C$5.69 billion.

Reported net income rose 1,318.1% from the prior-year period to C$1.45 billion, or C$1.70 per share, from C$102.0 million, or 12 cents per share.

For the year, the company's normalized net income totaled 15 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 37 cents.

EPS declined from C$1.34 in the prior year.

Normalized net income was C$125.0 million, a decline from C$1.14 billion in the prior year.

Full-year total revenue fell on an annual basis to C$23.40 billion from C$25.19 billion, and total operating expenses totaled C$23.20 billion, compared with C$23.36 billion in the prior-year period.

The company said reported net income rose on an annual basis to C$2.17 billion, or C$2.55 per share, in the full year, from C$1.12 billion, or C$1.32 per share.