ALBERTA

Husky Energy's Q3 adjusted earnings meet estimates, rise to $544 million

10/24/2013 12:23 EDT | Updated 01/23/2014 06:58 EST
CALGARY - Husky Energy Inc. (TSX:HSE) posted $544 million of adjusted earnings in the third quarter, in line with analyst estimates and little changed from the same time last year.

"Our business continues to deliver consistent results across the board," said Husky CEO Asim Ghosh. "We are hitting our targets and making steady progress towards executing our important milestones."

The Calgary-based integrated oil and gas company, which has retail, refinery, production and exploration activities across Canada, says its adjusted earnings amounted to 55 cents per share.

That matched estimates compiled by Thomson Reuters and up three cents from a year earlier, when Husky's adjusted profit was $512 million.

Net income was down slightly, however, due to a number of non-operating items including a higher provision for stock-based compensation.

Stock-based compensation rose to $22 million from $7 million a year earlier as a result of higher values for the company's stock. Net income slipped to $512 million from $526 million.

Cash flow from operations rose to $1.35 billion, or $1.37 per share, from $1.27 billion or $1.29 per share in the third quarter of 2012. Revenue was $6.04 billion, up from $5.45 billion.

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