TotalEnergies: earnings down, but above expectations
(CercleFinance.com) - On Friday, TotalEnergies reported a 22% decline in Q1 adjusted net income, while citing a "solid" performance in line with its targets for FY 2024.
Despite a 3% y-o-y rise in Brent crude oil, the group posted adjusted net income of $5.1bn for Q1, compared with $6.5bn a year earlier.
The consensus was expecting adjusted net income of around $5bn.
The group's hydrocarbon production reached 2.46 million barrels of oil equivalent per day, down 3% y-o-y.
The energy group said that its operating cash flow fell by 58% to $2.2bn over the past quarter.
At $8.2bn, its cash flow from operations (CCFO) nevertheless exceeded analysts' average forecast of $8bn.
The company intends to propose an initial interim dividend of E0.79 per share for FY 2024, up almost 7% on 2023.
Despite the downturn in its results, Total also states that it is targeting the equivalent of $2bn in share buybacks for Q2.
Following this slightly better-than-expected publication, TotalEnergies shares were up 0.2% on Friday morning in early trading in Paris.
The share has risen 10.5% YTD.
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