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Devon Energy profit beats consensus by 75.2% in Q1

Devon Energy Corp. said its first-quarter normalized net income was 70 cents per share, compared with the S&P Capital IQ consensus estimate of 40 cents per share.

EPS rose 107.9% year over year from 34 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $366.6 million, an increase of 129.0% from $160.1 million in the prior-year period.

The normalized profit margin rose to 11.2% from 7.8% in the year-earlier period.

Total revenue climbed 58.5% on an annual basis to $3.27 billion from $2.06 billion, and total operating expenses climbed 11.9% from the prior-year period to $2.55 billion from $2.28 billion.

Reported net income totaled $558.5 million, or $1.07 per share, compared with a loss of $3.05 billion, or a loss of $6.45 per share, in the year-earlier period.