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Devon Energy profit beats consensus by 159.7% in Q3


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Devon Energy profit beats consensus by 159.7% in Q3

Devon Energy Corp. said its third-quarter normalized net income was $1.35 per share, compared with the S&P Capital IQ consensus estimate of 52 cents per share.

EPS declined 45.8% year over year from $2.48.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $546.4 million, a decrease of 45.9% from $1.01 billion in the prior-year period.

The normalized profit margin fell to 17.3% from 22.0% in the year-earlier period.

Total revenue fell 30.5% year over year to $3.19 billion from $4.59 billion, and total operating expenses declined year over year to $2.78 billion from $2.81 billion.

Reported net income totaled a loss of $3.51 billion, or a loss of $8.64 per share, compared with income of $1.01 billion, or $2.47 per share, in the year-earlier period.