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Update: Eni Q1 Net Profit Decreases, Sales Increase

-- (Updates with additional details on outlook and share buyback in the fifth and sixth paragraphs.)

Eni (E) reported Q1 net profit Friday of 0.34 euros ($0.40) per diluted share, down from 0.36 euros a year earlier.

Analysts polled by FactSet expected 0.50 euros.

Sales from operations for the quarter ended March 31 were 22.96 billion euros, up from 22.57 billion euros a year earlier.

Analysts surveyed by FactSet expected 22.84 billion euros.

The company expects 2026 underlying oil and gas production to grow 3% to 4%, while guiding GGP adjusted proforma earnings before income tax at around 1.3 billion euros, marking a roughly 30% increase from its initial outlook.

Eni has raised its proposed share buyback by roughly 90% to 2.8 billion euros.

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