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Canadian Natural Resources swings to loss in Q1

Canadian Natural Resources Ltd. said its normalized net income for the first quarter was a loss of 37 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 11 cents per share.

The per-share result swung to a loss from the prior-year profit of 52 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$399.4 million, compared with income of C$565.6 million in the year-earlier period.

The normalized profit margin declined to negative 12.9% from 12.9% in the year-earlier period.

Total revenue declined 31.0% year over year to C$3.03 billion from C$4.40 billion, and total operating expenses totaled C$3.35 billion, compared with C$3.37 billion in the prior-year period.

Reported net income came to a loss of C$251.2 million, or a loss of 23 cents per share, compared with income of C$623.1 million, or 57 cents per share, in the prior-year period.