Encana posts quarterly loss on restructuring and unrealized hedging loss [Toronto Globe and Mail (Ontario, Canada)]
ENCANA (ECA)
Last encana earnings: 10/31 06:30 am
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Source: Toronto Globe and Mail
Encana posts quarterly loss on restructuring and unrealized hedging loss Encana Corp. reported a loss of US$245-million in its latest quarter as it was hit by restructuring costs and an unrealized hedging loss. The company, which keeps its books in U.S. dollars, says the loss amounted to 2 cents per share for the quarter ended March 31. That compared with a profit of $151-million or 16 cents per share in the same quarter a year earlier. Story continues below advertisement Encana says its adjusted operating profit for the first quarter totalled $165-million or 14 cents per share, compared with an operating profit of $156-million or 16 cents per share a year ago when it had fewer shares outstanding. Analysts on average had expected a profit of eight cents per share for the quarter, according to Thomson Reuters Eikon. In its outlook, Encana reiterated its capital spending target of $2.7-billion to $2.9-billion and reaffirmed its production targets, including approximately 15 per cent liq
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