Energy Giant Shell Misses Q3 Revenue Estimates; Announces $2.5B Buyback Program
Portfolio Pulse from Akanksha Bakshi
Shell PLC (NYSE:SHEL) reported a Q3 FY23 revenue decline of 20.3% YoY to $76.35 billion, missing the consensus of $82.96 billion. However, adjusted earnings per ADS for the quarter was $1.86, above the consensus of $1.83. The company also announced a $3.5 billion share buyback program to be completed prior to Q4 2023 results announcement. Shell's shares are trading higher by 2.97% Y/Y at $67.33.
November 02, 2023 | 1:39 pm
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POSITIVE IMPACT
Shell's Q3 FY23 revenue missed estimates but adjusted earnings per ADS beat consensus. The company also announced a $3.5 billion share buyback program.
Despite the revenue miss, Shell's adjusted earnings beat the consensus, which is a positive sign. The announcement of a $3.5 billion share buyback program is also a positive development as it indicates the company's confidence in its stock and is usually seen as a bullish signal by investors. This could potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100