Mixed Q4 For TotalEnergies: Profit Miss, Pledges Shareholder Returns With Dividend Hike + $2B Buyback
Portfolio Pulse from Lekha Gupta
TotalEnergies SE (NYSE:TTE) reported mixed Q4 FY23 results with revenues of $59.237 billion, surpassing expectations, but adjusted EPS fell 27% Y/Y to $2.16, missing consensus. Hydrocarbon production declined, and adjusted net operating income dropped 31% Y/Y. Despite this, the company increased its quarterly dividend by 7.1% and announced a $2 billion share repurchase for Q1 FY24. For FY24, TotalEnergies anticipates hydrocarbon production growth and reaffirmed net investments of $17-$18 billion, committing over 40% of CFFO payout to shareholder returns. TTE shares dropped 2.83% in premarket trading.
February 07, 2024 | 12:45 pm
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TotalEnergies SE reported mixed Q4 FY23 results, with a revenue beat but a miss on EPS. The company announced a dividend increase and a $2 billion share buyback, alongside a positive outlook for FY24.
The mixed Q4 results, with a significant EPS miss and a decline in hydrocarbon production, are likely to negatively impact investor sentiment in the short term, despite the positive outlook for FY24 and shareholder return commitments. The premarket share price drop of 2.83% indicates immediate negative market reaction.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100