Cenovus Energy (CVE) stock plunged 5.31% in pre-market trading on Thursday, following the release of the company's fourth-quarter 2024 financial results. The Canadian energy company reported weaker-than-expected earnings and revenue figures for the quarter.
Cenovus reported adjusted earnings per share of $0.87 for Q4 2024, a 19.44% decrease from $1.08 per share in the same period last year. The company's revenue for the quarter was $12.8 billion, missing analysts' consensus estimate of $14.164 billion by 9.63%. Both earnings and revenue figures declined year-over-year.
Additionally, Cenovus reported GAAP earnings per share of CA$0.07 ($0.05) for the quarter, significantly lower than the FactSet estimate of CA$0.25. The company cited various factors, including lower realized commodity prices and increased operating costs, for the weaker-than-expected results.
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