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Canadian Natural Resources swings to loss in Q3

Canadian Natural Resources Ltd. said its normalized net income for the third quarter came to a loss of 8 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 8 cents per share.

The per-share result swung to a loss from the prior-year profit of 76 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$91.9 million, compared with income of C$835.0 million in the year-earlier period.

The normalized profit margin fell to negative 2.5% from 17.7% in the year-earlier period.

Total revenue decreased 33.9% on an annual basis to C$3.11 billion from C$4.71 billion, and total operating expenses fell 7.4% on an annual basis to C$2.95 billion from C$3.18 billion.

Reported net income came to a loss of C$109.4 million, or a loss of 10 cents per share, compared with income of C$1.04 billion, or 94 cents per share, in the prior-year period.