- Petrobras (PBR) reports Q3 net earnings of 3.4B Brazilian reais ($1.6B), down 39% Y/Y and far below analyst consensus, on heavy diesel imports and stagnant crude oil output (pdf).
- Strong domestic demand for diesel amid Brazil's record grains harvest combined with flat production, the company says; imports undercut its profit as the Brazilian government forced it to subsidize local fuel consumption by not allowing it to pass higher international prices along to consumers at the pump.
- Q3 revenues rose 5% to 77.7B reais, while adjusted EBITDA fell 28% Y/Y to 13.1B reais.
- Shares -1.2% AH.
at CNBC.com (Tue, 1:45PM)