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Suncor Energy swings to loss in Q3

Suncor Energy Inc. said its normalized net income for the third quarter amounted to a loss of 9 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 20 cents per share.

The per-share result swung to a loss from the prior-year profit of 57 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$135.0 million, compared with income of C$842.5 million in the year-earlier period.

The normalized profit margin fell to negative 1.8% from 8.3% in the year-earlier period.

Total revenue declined 26.4% year over year to C$7.49 billion from C$10.18 billion, and total operating expenses decreased 18.2% from the prior-year period to C$6.82 billion from C$8.34 billion.

Reported net income totaled a loss of C$376.0 million, or a loss of 26 cents per share, compared with income of C$906.0 million, or 62 cents per share, in the year-earlier period.