ENI SpA : Q3 results in line, CFFO guidance revised down because of gas prices
>EBIT 11% higher than the consensus, attributable net profit in line - Adjusted EBIT was € 2.159bn in Q3 2019, 11% above our forecasts and 7% higher than the consensus (ODDO BHF: € 1.942bn; consensus: € 2.020bn). Attributable net profit clocked in at € 777m, +38% q-o-q/-44% y-o-y and fully in line with forecasts. We note a normalisation in the tax rate at 61.4% vs an exceptionally high tax rate of 72.9% in Q2. The group has reiterated its full-year guidance of 60%.§rc...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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