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Encana profit beats consensus by 992.3% in Q1

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Encana profit beats consensus by 992.3% in Q1

Encana Corp. said its normalized net income for the first quarter amounted to 28 cents per share, compared with the S&P Capital IQ consensus estimate of 3 cents per share.

EPS rose 118.4% year over year from 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $271.9 million, a gain of 150.0% from $108.8 million in the year-earlier period.

The normalized profit margin rose to 28.6% from 17.3% in the year-earlier period.

Total revenue grew 52.2% year over year to $959.0 million from $630.0 million, and total operating expenses declined 36.7% year over year to $462.0 million from $730.0 million.

Reported net income came to $428.1 million, or 44 cents per share, compared with a loss of $382.5 million, or a loss of 45 cents per share, in the year-earlier period.