Encana Posts Q1 Profit, Operating EPS Tops Street - Quick Facts

(RTTNews) - Canadian energy producer Encana Corp. (ECA.TO, ECA) said it earned $116 million or $0.16 per share in the first quarter 2014, as against a loss of $431 million, in the prior-year quarter.

Operating earnings for the quarter surged to $515 million or $0.70 per share, from $179 million, or $0.24 per share, last year. On average, 9 analysts polled by Thomson Reuters expected earnings per share of $0.54 for the quarter. Analysts' estimates typically exclude one-time items.

Also, the firm realized total cost savings of around $40 million in the first quarter of 2014, due to organizational realignment and operating efficiencies achieved in both core and base production assets.

On May 12, 2014, the board declared a dividend of $0.07 per share payable on June 30, 2014 to common shareholders of record as of June 13, 2014.