TotalEnergies Q4 Profit Down, Yet Beats Market; Lifts Dividend, Plans Buyback

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(RTTNews) - France's TotalEnergies SE (TTE) reported Wednesday that its fourth-quarter net income, group share, was $3.96 billion, lower than prior year's $5.06 billion.

Earnings per share were $1.70, down from $2.09 last year.

Adjusted net income was $4.41 billion or $1.90 per share, compared to $5.23 billion or $2.16 per share last year.

The Wall Street analysts on average expected the company to report earnings of $1.82 per share. Analysts' estimates typically exclude special items.

In euro terms, adjusted earnings per share were 1.78 euros, compared to 2.02 euros a year ago.

Adjusted EBITDA was $10.5 billion, compared to $11.70 billion last year.

Sales declined to $52.51 billion from $59.24 billion last year.

Hydrocarbon production dropped to 2,427 kboe/d from 2,462 kboe/d last year.

Further, the company said its Board of Directors will propose a final dividend of 0.85 euro per share at the shareholders' meeting to be held on May 23. The total dividend for fiscal 2024 would be 3.22 euros per share, up 7% from last year.

The company also confirmed $2 billion of share buybacks per quarter, a level which will be pursued under reasonable market conditions.

Looking ahead, for the first quarter, TotalEnergies projects hydrocarbon production to be between 2.5 and 2.55 Mboe/d.

For fiscal 2025, the company projects production to grow more than 3 percent.

For the new year, the company expects net investments of $17 billion to $17.5 billion.

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