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Encana swings to loss in Q3

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Encana swings to loss in Q3

Encana Corp. said its normalized net income for the third quarter was a loss of 10 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 5 cents per share.

The per-share result swung to a loss from the prior-year profit of 26 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $81.3 million, compared with income of $193.5 million in the prior-year period.

The normalized profit margin dropped to negative 7.5% from 8.5% in the year-earlier period.

Total revenue fell 42.6% year over year to $1.31 billion from $2.29 billion, and total operating expenses fell 38.1% year over year to $992.0 million from $1.60 billion.

Reported net income came to a loss of $1.24 billion, or a loss of $1.47 per share, compared with income of $2.81 billion, or $3.79 per share, in the prior-year period.