TotalEnergies edges lower as quarterly profit hits 3-year low

Investing.comOct 31, 2024 12:12 PM

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Investing.com -- TotalEnergies (EPA:TTEF) SE ADR (NYSE:TTE) on Thursday reported third-quarter adjusted net income of $4.1 billion, marking its lowest level in three years and narrowly missing forecasts due to weaker refining margins and disruptions in upstream production.

The adjusted net income was 37% lower year-over-year and down 12.7% from $4.7 billion in the previous quarter, just shy of the expected $4.2 billion.

The energy company’s stock slipped 2% in premarket trading.

TotalEnergies said its adjusted EBITDA declined 23.6% from the same period last year, totaling $10 billion.

Earlier this month, the company cautioned that its financial performance would be impacted as refining margins, specifically for converting crude to refined products, plunged 65%.

It also reaffirmed a $2 billion share buyback for Q4 and announced a third interim dividend of €0.79 per share for 2024.

Commenting on the report, Citi analysts said there was “little new to note” from TotalEnergies’s print compared to the picture given at the recent Capital Markets Day (CMD).

Still, analysts note that the company’s financial leverage “is creeping up a little and while no means does TotalEnergies have a constrained balance sheet, neither is it the defensive stalwart that some of the IOC peers are trying to position as with investors.”

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