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Total Q4 Profit Tops View

French energy giant Total SA (TTA.L,TTFNF.PK,TOT) reported that its fourth-quarter net income group share rose to $2.60 billion or $0.97 per share from $1.13 billion or $0.40 per share in the same quarter last year.

Adjusted net income, group share, was $3.165 billion, same with the last year. Adjusted earnings per share was $1.19 up from $1.17 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.98 per share. Analysts' estimates typically exclude special items.

Adjusted net operating income from the business segments was $3.879 billion in the fourth quarter 2019, stable compared to last year, with lower Brent, natural gas prices and refining margins offset by the increase in production.

Sales for the fourth-quarter declined to $49.28 billion from $52.50 billion last year.

The company said it will continue to increase the dividend with a guidance of 5-6% per year. It will also continue to buy back shares, with an amount expected for 2020 of $2.0 billion in a 60 $/b environment.

Organic production growth should be more than 2% in 2020, reflecting to ramp-ups of projects started in 2019 and expected start-ups in 2020, notably Iara 2 in Brazil.

TOT is currently trading at 50.55, up $0.51 or 1.02 percent.

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