TotalEnergies Q3 Results Down, Adj. EPS Miss Estimates; Lifts Dividend, Plans $2 Bln Buyback

(RTTNews) - France's TotalEnergies SE (TTE) reported Thursday that its third-quarter net income - TotalEnergies share declined to $2.29 billion from $6.68 billion a year ago.

Adjusted net income -TotalEnergies share was $4.07 billion, compared to last year's $6.45 billion. Adjusted earnings per share were $1.74, compared to prior year's $2.63.

Analysts on average expected the company to report earnings of $1.82 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In euro terms, adjusted earnings per share were 1.58 euros, compared to 2.41 euros a year ago.

Adjusted EBITDA declined to $10.05 billion from prior year's $13.06 billion.

Revenues from sales dropped to $47.43 billion from $54.41 billion last year. Sales were down to $52.02 billion from $59.02 billion in the prior year.

Hydrocarbon production was 2,409 thousand barrels of oil equivalent per day in the third quarter 2024, up 1 percent year-on-year, excluding Canada.

Looking ahead to the fourth quarter, TotalEnergies anticipates that its average LNG selling price should be around $10/Mbtu.

Hydrocarbon production for the quarter is expected to be between 2.4 and 2.45 Mboe/d, benefiting from the end of security-related disruptions in Libya and the start-up of the Mero-3 project in Brazil.

The company confirmed net investments guidance of $17 billion to $18 billion in 2024.

Further, the Board of Directors decided the distribution of the third interim dividend of 0.79 euro per share for fiscal year 2024, an increase of close to 7 percent compared to 2023.

The Board also authorized the company to execute share buybacks of $2 billion in the fourth quarter of 2024, in line with the objective of reaching $8billion throughout the year.

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