Petrobras Quarterly Earnings Exceed Estimates on Fuel

Petroleo Brasileiro SA, the world’s biggest crude producer in deep waters, reported second-quarter profit that exceeded analysts’s forecasts on increased fuel output and a currency hedge that narrowed financial losses.

Net income was 6.2 billion reais ($2.7 billion), or 48 centavos a share, compared with a loss of 1.35 billion reais a year earlier, Brazil’s state-controlled producer said today in a regulatory statement. Per-share profit excluding some items was expected at 45 centavos, the average of 13 analysts’ estimates compiled by Bloomberg.