Total Profit Beats Estimates as Cost Cuts Deepen Amid Slump

Total SA said profit fell 30 percent in the second quarter, beating analysts’ estimates as deeper cost cuts and rising production helped the French company offset the slump in crude prices and strikes at its domestic refineries.

Adjusted net income was $2.17 billion in the period, compared with $3.09 billion a year earlier, the company based in Courbevoie near Paris said in a statement Thursday. Analysts had expected a profit of $1.82 billion, according to the average of eight estimates compiled by Bloomberg.

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