OMVKY Omv Ag Bearer (PK)

   By Giulia Petroni 
 

OMV AG's shares rose on Friday after first-quarter results came in ahead of expectations as higher market prices mitigated the effects of a previously announced hit from the company's Russian businesses.

At 0808GMT, shares trade 4.6% higher at EUR48.68.

The Austrian oil-and-gas company reported strong quarterly results, with adjusted net profit 8% above consensus expectations and better-than-expected earnings across all segments, according to analysts at Jefferies.

The clean CCS operating result--or operating earnings without one-off special effects and adjusted by the current cost of supply--of the exploration and production segment came it at 1.77 billion euros, ($1.86 billion) and 7% ahead of expectations.

Its cash flow also beat consensus, increasing sharply in the quarter as it benefited from a more favorable market environment.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

April 29, 2022 04:29 ET (08:29 GMT)

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