Investing.com — OMV’s (ETR:OMVV) shares fell on Tuesday following its trading update that posted disappointing performance and signaled further headwinds ahead. 

At 6:40 am (1040 GMT), OMV was trading 1.9% lower at €38.92.

The update, which covers the third quarter of 2024, hinted at small but incremental cuts to consensus estimates, with negative revisions expected in light of underperformance in key areas.

Jefferies in a note flagged the factors driving the underwhelming results. The brokerage pointed out that the company’s Fuels and Feedstock segment was hit by several one-off events, notably the temporary halt of operations at the Burghausen refinery, which weighed on margins and sales volumes. 

OMV’s indicator margin of $5.0 per barrel came in above Jefferies’ forecast of $4.8, but still fell short of the broader consensus expectation of $6.1 per barrel. Utilization rates also disappointed, with OMV reporting 84%, well below the 90% Jefferies had anticipated.

While some aspects of OMV’s Chemicals & Materials segment provided modest upside, these were not enough to offset the overall drag from other divisions. 

Polyolefin sales volumes increased by 0.06 million tonnes quarter-over-quarter, largely driven by joint ventures, but the impact on the bottom line was limited. 

The company’s margins for monomers and polymers saw slight improvements, yet overall results were dampened by external factors, including disruptions in energy production.

Energy headwinds, particularly in Libya, proved to be a significant challenge. OMV’s production of 332,000 barrels of oil equivalent per day narrowly beat Jefferies’ estimate but was still below consensus expectations.