(RTTNews) – British energy major BP Plc (BP.L, BP_UN.TO, BP) reported Tuesday that its first-quarter replacement cost or RC profit plunged to $1.61 billion from last year’s $8.67 billion.
Underlying RC profit for the first quarter was $2.72 billion, compared with $4.96 billion for the same period of 2023.
Underlying RC profit per ordinary share dropped to 16.24 US cents from 27.74 US cents a year ago. Underlying RC profit per ADS was $0.97, compared to $1.66 last year.
Analysts on average expected the company to report earnings of $0.98 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
Profit attributable to bp shareholders in the first quarter was $2.26 billion, compared to $8.22 billion in the same period of 2023.
Earnings per ADS was $0.80, down from $2.70 last year.
Adjusted EBITDA declined to $10.31 billion from last year’s $13.07 billion.
Sales and other operating revenues were $48.88 billion, down from prior year’s $56.18 billion. The Street was looking for revenues of $55.08 billion for the quarter.
Looking ahead, bp expects second-quarter reported upstream production to be slightly lower sequentially.
For fiscal 2024, bp continues to expect both reported and underlying upstream production to be slightly higher compared with 2023.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Nasdaq – https://www.nasdaq.com/articles/bp-plc-q1-rc-profit-plunges-on-weak-sales-backs-fy24-production-view
