OMV expects $215.4m positive impact on Q4 earnings from Gazprom arbitration [Yahoo! Finance]
OMV AG BEARER SHS S/ADR (OMVKY)
NASDAQ:AMEX Investor Relations:
omvpetrom.com/portal/01/petromcom/petromcom/omv_petrom/investor_relations/omv-petrom-shares-gdrs/shareholding-and-stock-listing-history/!ut/p/b0/04_sj9cpykssy0xplmnmz0vmafgjzoin_e0tar0cny1cddw9pxw93hwndsbapzg1t78g21erac3xr1e!
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Source: Yahoo! Finance
This forecasted boost stems from an arbitral award related to its German gas supply contract with Gazprom. The company disclosed in November last year that it had received an award exceeding €230m from the International Chamber of Commerce due to irregularities in German gas supplies from Gazprom Export. This award is now set to positively influence OMV's financial performance for the final quarter. The company expects to record this benefit in the clean operating result of its Gas Marketing & Power business unit. In its recent trading update for Q4, OMV also highlighted that higher fixed costs, primarily due to seasonal effects, would impact the clean operating result of its chemicals business. These costs are expected to have an effect in the mid-double-digit million euros. The chemicals division, which produces materials for various applications including gas and water pipes, car parts and medical syringes, is considered a key growth area for OMV as it transitions away fro
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- OMV (OTCMKTS:OMVKY) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating.MarketBeat
- OMV (OTCMKTS:OMVKY) had its "underweight" rating reaffirmed by analysts at Barclays PLC.MarketBeat
- OMV (OTCMKTS:OMVKY) was downgraded by analysts at Berenberg Bank from a "strong-buy" rating to a "hold" rating.MarketBeat
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