Repsol: results a tad short of consensus, but shares rise

(CercleFinance.com) - Spanish oil company Repsol reported lower-than-expected nine-month net profit on Wednesday, although its cash flow from operations exceeded analysts' expectations, sending the shares higher in Madrid.


This morning the group posted nine-month net income of 2.17 billion euros, up 37% from the 1.58 billion euros earned in the same period of 2017.

Adjusted net income - which specifically measures the performance of the company's businesses - increased by 11% to 1.72 billion euros.

Repsol said it increased its hydrocarbon production by 4% from the same period in 2017 to an average of 713,000 barrels of oil equivalent per day.

The company's net debt at the end of the quarter stood at 2.3 billion euros, 402 million lower than at the end of the second quarter of 2018.

Respol said strong cash flow generation from operating activities more than covered investments, dividends, interest and the share buy-back program over the period.

This news boosted the shares, with the Repsol stock currently up 3.7% on the Madrid Stock Exchange.

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