ENI SpA : EBIT ahead of expectations but disappointment on attributable net profit - guidance lowered and dividends maintained for the time being
>EBIT ahead of the consensus but attributable net profit well below - Adjusted EBIT came in at € 1.307bn in Q1 2020, 18% ahead of expectations (ODDO BHF: € 786m; consensus: € 1.100bn). Attributable net profit totalled € 59m, -89% q-o-q/-94% y-o-y and well below expectations with an increase in the tax rate to 92.1% vs 69.2% in Q4 2019, a characteristic specific to the group, which is now guiding for a tax rate of 100% in 2020 (25% at the cash level). E&P...Eni is engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil field services and engineering industries. Co.'s operations are divided into three segments; Exploration and Production (oil and natural gas exploration and field development and production, as well as LNG operations), Gas and Power (supply, trading and marketing of gas and electricity, managing gas infrastructures for transport, distribution, storage, re-gasification, and LNG supply and marketing), and Refining and Marketing (supply of crude oil, refining and marketing of refined products). Co. maintains operations in 73 countries.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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