Encana Corp. said its first-quarter normalized net income amounted to a loss of 62 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 10 cents per share.
The per-share result swung to a loss from the prior-year profit of 13 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $470.0 million, compared with income of $100.0 million in the year-earlier period.
The normalized profit margin fell to negative 36.9% from 5.3% in the year-earlier period.
Total revenue declined 34.0% on an annual basis to $1.25 billion from $1.89 billion, and total operating expenses decreased 10.4% on an annual basis to $1.22 billion from $1.36 billion.
Reported net income came to a loss of $1.71 billion, or a loss of $2.25 per share, compared with income of $118.6 million, or 16 cents per share, in the prior-year period.
