ENI SpA : Earnings a shade below the consensus’ forecast due to downstream, little guidance pending the CMD in March
>Operating profit 4.5% below forecasts, net profit in line - ENI reported its Q4 2023 results with operating profit of € 2.76bn, down 8% q-o-q and 4.5% below the consensus’ forecasts given the loss-making in downstream. Adjusted net profit came in at € 1.63bn, 1% above the consensus and ahead of our expectations with higher tax rate of 47.6% vs 43.7% in Q3.E&P marked by high costs, GGP continues to surprise - In E&P, adjusted operating profit was 2%...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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