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Continental Resources swings to loss in Q1

Continental Resources Inc. said its first-quarter normalized net income came to a loss of 32 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 13 cents per share.

The per-share result swung to a loss from the prior-year profit of 62 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $117.5 million, compared with income of $229.7 million in the prior-year period.

The normalized profit margin dropped to negative 19.6% from 22.7% in the year-earlier period.

Total revenue decreased 41.4% on an annual basis to $592.9 million from $1.01 billion, and total operating expenses grew 21.3% on an annual basis to $706.2 million from $582.4 million.

Reported net income totaled a loss of $133.0 million, or a loss of 36 cents per share, compared with income of $225.7 million, or 61 cents per share, in the year-earlier period.