Eni Q1 Net Profit Declines

(RTTNews) - Eni (E) reported first quarter net profit to shareholders of 1.21 billion euros compared to 2.39 billion euros, last year. Earnings per share was 0.37 euros compared to 0.70 euros. Proforma adjusted Ebit was 4.12 billion euros, down 30% from a year ago. Adjusted net profit was 1.58 billion euros, down 46%, due to a lowered operating performance and a decline in equity results of the main JV/associates reflecting a deteriorated natural gas and products scenario. Adjusted earnings per share was 0.48 euros compared to 0.86 euros.

First quarter sales from operations were 22.94 billion euros compared to 27.18 billion euros, prior year. Total revenues declined to 23.17 billion euros from 27.38 billion euros.

Eni CEO Claudio Descalzi said: "Based on our updated scenario, we expect full year CFFO to be above 14 billion euros and, in line with our distribution commitment, we are raising the planned 2024 share buy-back by 45% to 1.6 billion euros."

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