Total Reports Q1 Earnings Up 51% To $5.86 Billion
Apr 29, 2011
Total (NYSE:TOT) reported Q1 earnings of $5.86 billion, up 51% from the $3.87 billion the company earned in Q1 of 2010. Revenue for the quarter was up 22% year-over-year to $68.29 billion.
Chief Executive Christophe de Margerie said, "Growing geopolitical tensions and the aftermath of the earthquake in Japan will shift the balance of the global energy markets. In the face of these new challenges, Total confirms its strategy of investing to increase its production to better respond to changes in energy demand and in the energy mix."
Total announced Thursday night a $1.37 billion proposal to take 60% of SunPower Corp. (NASDAQ:SPWRA), a U.S. solar manufacturer, in an effort to boost its renewable-energy portfolio.
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