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Continental Resources swings to loss in Q3

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Continental Resources swings to loss in Q3

Continental Resources Inc. said its third-quarter normalized net income amounted to a loss of 22 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 12 cents per share.

The per-share result swung to a loss from the prior-year profit of $1.46.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $82.2 million, compared with income of $541.2 million in the year-earlier period.

The normalized profit margin dropped to negative 12.9% from 46.2% in the year-earlier period.

Total revenue declined 45.7% on an annual basis to $636.1 million from $1.17 billion, and total operating expenses rose 197.1% on an annual basis to $688.8 million from $231.8 million.

Reported net income totaled a loss of $81.3 million, or a loss of 22 cents per share, compared with income of $533.6 million, or $1.44 per share, in the prior-year period.