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Investing.com -- OMV AG (VIE:OMVV) reported second-quarter clean operating profit broadly in line with expectations on Thursday, as strength in its chemicals segment helped offset weaker contributions from its energy and fuels and feedstock divisions.
However, its net income and cash flow from operations (CFFO) metrics missed the consensus estimates, pushing the stock down more than 2%.
The Austrian energy group posted a clean operating result of €1.03 billion, slightly above the company-compiled consensus of €1.02 billion.
The clean operating result metric excludes inventory holding effects and one-off items, offering a clearer view of underlying performance.
Clean carbon capture & storage (CCS) net income came in at €385 million, around 4% below the company-compiled consensus of €399 million.
Cash flow from operations before working capital (CFFO pre-WC) effects stood at €831 million, missing consensus by 13%, primarily due to higher cash tax payments.
"OMV reports an inline EBIT, but disappoints on net income, and CFFO pre-WC disappoints," Jefferies analysts said.
"Conference call starts at 10.30 am BST. We expect questions to be focused on distributions, M&A, and macro environment."
The chemicals division delivered a notable performance, with clean operating profit rising 76% year-on-year to €200 million, driven by a stronger showing from OMV’s subsidiary Borealis.