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Cenovus Energy swings to loss in Q3

Cenovus Energy Inc. said its normalized net income for the third quarter came to a loss of 27 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 6 cents per share.

The per-share result swung to a loss from the prior-year profit of 33 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$222.5 million, compared with income of C$247.5 million in the prior-year period.

The normalized profit margin fell to negative 6.9% from 5.0% in the year-earlier period.

Total revenue fell 34.1% year over year to C$3.27 billion from C$4.97 billion, and total operating expenses decreased 26.2% year over year to C$3.13 billion from C$4.24 billion.

Reported net income increased 404.7% on an annual basis to C$1.80 billion, or C$2.16 per share, from C$356.6 million, or 47 cents per share.