Cenovus Energy Inc. had a $1.78-billion net profit in the second quarter. (Photo by THE CANADIAN PRESS)

One-time items help push Cenovus Q2 profit up, operating earnings miss estimate

CALGARY — Cenovus Energy Inc.’s continuing operations had a $1.78-billion net profit in the second quarter, turning around from a $410-million loss reported at the same time last year, but revenue and operating earnings were below estimates.

The Calgary-based company said its net earnings for the quarter ended June 30 amounted to $1.45 per share, which compared with a loss of 33 cents per share in the 2018 second quarter.

However, much of the improvement was due to one-time tax benefits and positive currency fluctuations.

Operating earnings from continuing operations were below estimates at 22 cents per share. Analysts had estimated 34 cents per share of operating earnings, according to financial markets data firm Refinitiv.

Revenue was $5.6 billion, up from $5 billion last year but below the estimate of $5.75 billion.

The oilsands producer said it benefited from higher realized prices but daily production dropped 11 per cent to about 345,000 barrels from 389,000 barrels a year earlier.

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