Eni: raises forecasts but falling profits
(CercleFinance.com) - Eni reports that its adjusted EBIT came in at E2.
6bn in Q3, below expectations and down 39% y-o-y, penalised by a sharp drom in the price of Brent crude, which has fallen from $100 to $86 in twelve months, alongside lower gas prices.
As a result, Eni posted Q3 adjusted net income of E1.8bn (ahead of expectations), down 51%, representing EPS of E0.54, half the E1.06 previously.
At the same time, net debt (excluding IFRS 16) reached E8.68bn (+35%), with the group's leverage at 0.15, compared with 0.11 a year earlier.
Eni announces has raised its 2023 adjusted EBIT forecast to around E14bn, above the mid-year forecast of E12bn, reflecting better market conditions.
Finally, management says that currently, each dollar change in Brent crude oil prices (on an annual basis) has an impact of around $130m on cash flow.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
6bn in Q3, below expectations and down 39% y-o-y, penalised by a sharp drom in the price of Brent crude, which has fallen from $100 to $86 in twelve months, alongside lower gas prices.
As a result, Eni posted Q3 adjusted net income of E1.8bn (ahead of expectations), down 51%, representing EPS of E0.54, half the E1.06 previously.
At the same time, net debt (excluding IFRS 16) reached E8.68bn (+35%), with the group's leverage at 0.15, compared with 0.11 a year earlier.
Eni announces has raised its 2023 adjusted EBIT forecast to around E14bn, above the mid-year forecast of E12bn, reflecting better market conditions.
Finally, management says that currently, each dollar change in Brent crude oil prices (on an annual basis) has an impact of around $130m on cash flow.
Copyright (c) 2023 CercleFinance.com. All rights reserved.