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Devon Energy profit misses consensus by 23.5% in Q3

Devon Energy Corp. said its third-quarter normalized net income amounted to 29 cents per share, compared with the S&P Capital IQ consensus estimate of 38 cents per share.

EPS rose 20.3% year over year from 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $152.9 million, a gain of 20.7% from $126.6 million in the year-earlier period.

The normalized profit margin rose to 4.7% from 4.6% in the year-earlier period.

Total revenue increased 17.9% year over year to $3.26 billion from $2.76 billion, and total operating expenses increased 25.5% year over year to $2.93 billion from $2.34 billion.

Reported net income declined 77.2% from the prior-year period to $224.9 million, or 43 cents per share, from $984.7 million, or $1.89 per share.