Cenovus Energy Inc. said its normalized net income for the first quarter amounted to a loss of 64 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 9 cents per share.
The per-share result swung to a loss from the prior-year profit of 30 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$498.1 million, compared with income of C$223.8 million in the prior-year period.
The normalized profit margin dropped to negative 15.9% from 4.5% in the year-earlier period.
Total revenue fell 37.3% on an annual basis to C$3.14 billion from C$5.01 billion, and total operating expenses fell 24.2% from the prior-year period to C$3.34 billion from C$4.41 billion.
Reported net income totaled a loss of C$669.9 million, or a loss of 86 cents per share, compared with income of C$249.9 million, or 33 cents per share, in the year-earlier period.
