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Suncor Energy profit beats consensus by 65.6% in Q2

Suncor Energy Inc. said its normalized net income for the second quarter came to 58 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

EPS rose 132.7% year over year from 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$846.3 million, an increase of 128.7% from C$370.0 million in the year-earlier period.

The normalized profit margin climbed to 10.5% from 3.5% in the year-earlier period.

Total revenue declined 22.5% year over year to C$8.10 billion from C$10.45 billion, and total operating expenses decreased 33.2% from the prior-year period to C$6.85 billion from C$10.26 billion.

Reported net income rose 251.8% on an annual basis to C$725.0 million, or 50 cents per share, from C$206.1 million, or 14 cents per share.