Husky tops expectations

Husky tops expectations

Husky Energy Inc. topped expectations as it said it earned $545 million in its latest quarter, up sharply from $136 million in the same quarter last year.

The energy company says the profit amounted to 53 cents per share for the quarter ended Sept. 30, compared with a profit of 13 cents per share a year ago.

Production in the quarter totalled 297,000 barrels of oil equivalent per day, down from 318,000 boepd.

On an adjusted basis, Husky says it earned 57 cents per share in the quarter, up from 14 cents per share in the same quarter last year.

Analysts on average had expected a profit of 48 cents per share, according to Thomson Reuters Eikon.

Earlier this month, Husky made a hostile takeover for MEG Energy Corp., which has called the bid opportunistic and said it undervalues its assets and prospects.

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