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Canadian Natural Resources profit misses consensus by 32.6% in Q2

Canadian Natural Resources Ltd. said its normalized net income for the second quarter amounted to 7 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 10 cents per share.

EPS fell 91.6% year over year from 82 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$75.0 million, a decrease of 91.7% from C$902.5 million in the prior-year period.

The normalized profit margin fell to 2.1% from 16.8% in the year-earlier period.

Total revenue fell 36.3% on an annual basis to C$3.42 billion from C$5.37 billion, and total operating expenses decreased 15.7% on an annual basis to C$3.27 billion from C$3.89 billion.

Reported net income came to a loss of C$404.8 million, or a loss of 37 cents per share, compared with income of C$1.07 billion, or 97 cents per share, in the prior-year period.