IMO - Imperial Q1 results - beats despite major outage launches tender for $2.5b of shares

Imperial (IMO) reported Q1 results ahead of the market open Friday, handily beating street expectations, setting multi-decade profitability records, and launching an aggressive tender for shares. All despite unplanned downtime at the Company's flagship Kearl asset:  Earnings - net income per share of C$1.75 marked a 30-yr high, and exceeded Street expectations of C$1.39. Cash flow - cash flow from operations of C$1.9b was also a 30-yr record, and free cash flow of C$1.6b in the quarter exceeded 3.7% of the company's current market cap. Production - extreme cold weather resulted in unplanned downtime at Kearl, reducing company-wide output by ~20% sequentially; Kearl volumes have returned to normal levels in April. Capital allocation - the dividend was held flat (1.8% yield); however, the company announced a tender offer for C$2.5b of equity, a unique and aggressive tactic for repurchasing shares quickly. The big beat despite a major outage is likely

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Imperial Q1 results - beats despite major outage, launches tender for $2.5b of shares