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Cenovus Energy profit beats consensus by 37.7% in Q2

Cenovus Energy Inc. said its second-quarter normalized net income was 14 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 10 cents per share.

EPS decreased 79.5% year over year from 66 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$112.5 million, a decrease of 77.6% from C$502.5 million in the year-earlier period.

The normalized profit margin dropped to 3.0% from 9.3% in the year-earlier period.

Total revenue declined 31.3% year over year to C$3.73 billion from C$5.42 billion, and total operating expenses decreased 25.2% on an annual basis to C$3.56 billion from C$4.76 billion.

Reported net income decreased 79.8% on an annual basis to C$124.3 million, or 15 cents per share, from C$614.0 million, or 81 cents per share.