OMV: earnings fall more than expected
(CercleFinance.com) - Austrian oil and gas group OMV reported a worse-than-expected drop in its fourth-quarter earnings on Thursday, mostly due to falling oil prices.
OMV's clean CCS operating result decreased by 26% to 781 million euros in the fourth quarter, missing the consensus by 6%.
Its clean CCS net income attributable to shareholders was 310 million euros, missing consensus by 15%.
Analysts at UBS said the results were hit by weaker downstream business. OMV, however, announced a dividend of two euros per share, up 14% year-on-year.
OMV shares, which are traded in Vienna, were down 2.4% on Thursday morning, significantly underperforming a 0.1% drop in the STOXX Europe 600 Optimised Oil & Gas index.
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