For the quarter, the French oil giant posted adjusted diluted earnings per share (EPS) of $1.76 on revenues of $64.66 billion. In the same period a year ago, the company reported adjusted EPS of $1.85 on revenues of $62.38 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.68 and $62.79 billion in revenues.
For the full year, EPS totaled $7.01 on revenues of $257.04 billion, compared with a consensus estimate for EPS of $7.25 on revenues of $251.89 billion.
The company’s CEO said:
In 2012, Total again delivered solid performance with net income of 12.4 billion euros and reinforced its strong financial position. The environment remained favorable in the Upstream, with Brent prices above 110 $/b and, in the Downstream, refining margins benefited from a temporary rebound at mid-year.
The refining margin the CEO mentioned averaged $33 per metric ton in the fourth quarter, more than double the margin of $15.1 per ton in the same period a year earlier. Third quarter 2012 refining margins came in at $51 a ton.
But, as with all major integrated oil companies, it is the upstream segment that controls revenues and profits, and Total’s upstream net income fell by more than €200 million in the fourth quarter and by about €20 million for the year. Those third-quarter refining margins generated €646 million in downstream operating income, more than the segment’s total operating income in 2011.
The consensus estimate calls for first quarter EPS of $1.70 on revenues of $66.33 billion. For the full year, EPS is estimated at $7.22 on revenues of $257.14 billion.
Total’s American depositary receipts (ADRs) are trading up about 1.2% in the premarket this morning, at $52.00. The 52-week range is $41.75 to $57.06. Thomson Reuters had a consensus analyst price target of around $56.90 before today’s report.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
