Repsol Shares Rise After 2Q Results Beat Expectations
July 24 2019 - 8:10AM
Dow Jones News
By Antonia Di Lorenzo
Shares in Repsol SA (REP.MC) trade higher Wednesday after the
Spanish oil-and-gas company released second-quarter results and
announced plans to reduce its share capital by 5%.
Net profit for the period fell to 525 million euros ($586.5
million) compared with EUR936 million a year earlier, when the
company booked a capital gain on the sale of its stake in Naturgy
Energy Group SA (NTGY.MC).
Adjusted net income, which excludes nonrecurring items, declined
to EUR497 million from EUR549 million. This compares with
expectations of EUR478 million, according to a consensus provided
by the company.
Shares trades 4.1% higher at 1119 GMT.
"Repsol achieved a beat after negative consensus earnings
revisions following a weak trading update published on July 7,"
Berenberg said, adding that it expects the company to have positive
momentum into the second half of the year.
Write to Antonia Di Lorenzo at antonia.dilorenzo@wsj.com;
@AntoniaDL89
(END) Dow Jones Newswires
July 24, 2019 07:55 ET (11:55 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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