Imperial Oil Ltd. (TSX:IMO) has reported third-quarter results that were well below analyst estimates.
The Calgary-based company had $647-million of net income, or 76 cents per share in the third quarter.
That’s down from $1.04-billion or $1.22 a year earlier and below the estimate of 98 cents per share.
Imperial’s revenue was $8.6-billion, up from $8.3-billion a year earlier, but less than the estimate of $9.5-billion.
The company says its third-quarter profit fell because of lower margins at its refinery operations – part of an industrywide decline.
Imperial’s net income from downstream operations, which include refining, distribution and retailing, dropped to $46-million from $490-million in the third quarter of 2012.
Its upstream operations, which include Imperial’s oilsands, offshore and conventional production, had $604-million of net income – up $106-million from a year earlier.