Imperial Oil 3Q Profit Slides as Lower Commodity Prices Hit Revenue
By Adriano Marchese
Imperial Oil on Friday reported a drop in third-quarter profit, as softer commodity prices put more pressure on revenue than expected.
The Canadian petroleum company reported a decline in net income to 1.6 billion Canadian dollars ($1.16 billion), or C$2.76 a share, compared with compared with C$2.03 billion or C$3.24 a share a year earlier.
According to FactSet, analysts were expecting a steeper decline to C$2.55 a share.
Imperial Oil said the lower income in the quarter was largely due to lower commodity prices.
Total revenues fell to C$13.92 billion from C$15.22 billion. Analysts had expected revenue to remain virtually flat at C$15.15 billion.
Production averaged 423,000 gross oil-equivalent barrels a day, down from an average of 430,000 barrels a day in the same period of last year, in line with expectations.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 27, 2023 08:33 ET (12:33 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing