Imperial Oil Q1 Profit Rises, Tops Estimates; Boosts Dividend 14%

(RTTNews) - Imperial Oil Ltd. (IMO, IMO.TO) reported on Friday a first-quarter net income of C$1.25 billion or C$2.13 per share, the highest first quarter in over 30 years, up from C$1.17 billion or C$1.75 per share in the prior-year quarter.

Total revenues and other income for the quarter decreased to C$12.12 billion from C$12.69 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of C$1.93 per share on revenues of C$14.11 billion for the quarter. Analysts' estimates typically exclude special items.

The company's production averaged 413,000 gross oil-equivalent barrels per day in the quarter, up from 380,000 barrels per day in the same period of 2022.

Upstream production for the first quarter averaged 413,000 gross oil-equivalent barrels per day and downstream throughput averaged 417,000 barrels per day in the first quarter, with utilization at 96 percent.

The company also raised its dividend by 14 percent to 50 cents per share from 44 cents.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com