OMV AG, central Europe’s biggest oil company, beat first-quarter revenue and earnings estimates after profit margins in its refining division widened.
Earnings before interest and tax in the three months through March rose 6 percent to 851 million euros ($1.1 billion) after sales climbed 4 percent higher to 10.8 billion euros, the company said in a statement today. Analysts estimated that the Vienna-based company would report 802 million euros Ebit on revenue of 10.5 billion euros.
Wider profit margins at OMV’s refining centers helped drive earnings. The company reported 112 million euros Ebit from its refining and marketing unit during the quarter compared with a 30 million-euro loss a year earlier.
Net income in the quarter fell 8 percent to 349 million euros after the company paid higher taxes.