Eni SpA’s third-quarter profit beat analyst estimates, but slumped on lower prices as the energy crisis subsided.
Like its peers, the Italian oil and gas giant’s earnings are lower than a year earlier following a decline in energy prices from record levels. However, profits still remain well above historical levels as supply scarcity and geopolitical tensions buoy commodity markets.
Eni’s adjusted net income was €1.82 billion ($1.9 billion) down 51% from a year earlier and beating average analyst estimate of €1.61 billion.
Eni’s natural gas business’ adjusted operating profit fell to €111 million, versus estimates of €203.1 million, compared with a strong previous quarter of €1.1 billion. Full-year guidance is confirmed at €2.7 billion to €3 billion for the unit.
