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(RTTNews) – British energy giant BP Plc (BP.L, BP_UN.TO, BP) on Tuesday reported first-quarter replacement cost or RC profit of $1.61 billion, up from $8.67 billion a year earlier. It was reported that there was a sharp decline.
RC’s underlying profit for the first quarter was $2.72 billion, compared to $4.96 billion for the same period in 2023. RC’s underlying earnings per common share decreased to US$16.24 from US$27.74 in the prior year period. The underlying RC profit per ADS is $0.97, compared to $1.66 last year.
Analysts on average expected the company to earn $0.98 per share, according to data compiled by Thomson Reuters. Analyst forecasts typically exclude special items.
Profit attributable to BP shareholders for the first quarter was $2.26 billion, compared to $8.22 billion for the same period in 2023.
Earnings per ADS were $0.80, down from $2.70 last year.
Adjusted EBITDA decreased to $10.31 billion from $13.07 billion a year ago.
Sales and other operating income was $48.88 billion, down from $56.18 billion a year ago. TheStreet had expected revenue of $55.08 billion for the quarter.
Looking ahead, BP expects upstream production in its second quarter report to decline slightly from the previous quarter.
For 2024, BP continues to expect both reported and underlying upstream production to increase slightly compared to 2023.
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“RTTNews) – British energy giant BP Plc (BP.L, BP_UN.TO, BP) said on Tuesday that its first-quarter replacement cost or RC profit plunged to $1.61 billion from $8.67 billion last year. I reported…”
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Source link: https://www.nasdaq.com/articles/bp-plc-q1-rc-profit-plunges-on-weak-sales-backs-fy24-production-view
