Petrobras Q1 Earnings Slump on Flat Production, Price Drop

Petroleo Brasileiro S.A., or Petrobras (PBR) , announced first-quarter earnings per ADS of 62 cents, missing the Zacks Consensus Estimate of 92 cents and falling from the year-ago profit of 75 cents. The underperformance can be attributed to lower downstream production and a decline in realized oil prices. Consolidated net income, which strips out one-time items, came in at $4,029 million compared with$5,420 million a year earlier. Petrobras’ adjusted EBITDA fell to $10,446 million from$12,127 million a y ...