Petrobras Q3 Earnings Beat Despite a Decline in Production

Petroleo Brasileiro S.A., or Petrobras (PBR) , announced third-quarter earnings per ADS of 93 cents, ahead of the Zacks Consensus Estimate of 82 cents and higher than the year-ago profit of 86 cents. The strong performance can be attributed to solid cost control measures.  Recurring net income, which strips out one-time items, came in at $5,937 million compared with$5,577 million a year earlier. Petrobras’ adjusted EBITDA fell to $11,480 million from$13,551 million a year ago.Brazil's state-run energy gia ...