Shell reports 18 percent rise in quarterly profit, beating forecasts
LONDON (Reuters) – Royal Dutch Shell <RDSa.L> reported an 18 percent rise in underlying net profit for the third quarter on Tuesday, beating analysts’ forecasts as it announced next year’s capital spending will be at the bottom of the expected range.
Net income in the quarter, based on a current cost of supplies (CCS) and excluding exceptional items, rose to $2.8 billion (2.28 billion pounds), which the company said compared with analysts’ expectations of $1.71 billion.
Shell disappointed the market with its second-quarter results, the first full quarter following the completion of the BG acquisition in February, by missing expectations by around 50 percent.
Shell said its 2017 capital spending was expected to be at around $25 billion, at the bottom of the range previously provided. This year’s capex will be around $29 billion.
(Reporting by Ron Bousso, editing by Louise Heavens)