Petrobras (NY: PBR; PBR-A) released its third-quarter results for 2024 (Q3 2024) this Thursday (7).

The oil company reported a net profit of R$ 32.6 billion, an increase of 22.3% compared to the same period last year. On a recurring basis, it reported a profit of R$ 32.92 billion – an increase of 20.9%.

Leia em português: Petrobras (PETR4) tem lucro de R$ 32,6 bilhões no 3º trimestre, alta de 22,3%

Petrobras’ total sales revenue reached R$ 129.6 billion, an increase of 6% compared to the same period last year.

The adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was R$ 63.7 billion, a decrease of 3.8%. On a recurring basis, EBITDA totaled R$ 64.4 billion, a decrease of 3.7%.

Projections

The consensus market projection from LSEG was for a net profit of R$ 31.17 billion in the third quarter, reversing a loss of R$ 2.6 billion in Q2 2024 and an increase of 17% compared to the profit of R$ 26.6 billion in Q3 2023, although market analysts do not see such an exciting result for the period.

The projection was for recurring EBITDA of R$ 63.68 billion and net revenue of around R$ 125 billion.