Husky Energy gets help from Q2 tax relief but profit down from year earlier

Husky Energy Inc. says its second-quarter financial results were dragged by a heavy maintenance schedule, non-routine write offs and expenses, but those negatives were partly offset by a one-time tax benefit.

The integrated oil and gas company had $370 million of net earnings in the quarter, including a negative impact from $77 million in after-tax adjustments that were offset by a $233 million benefit from Alberta corporate tax reductions.

The profit amounted to 36 cents per share, down from 44 cents per share, or $448 million overall, in last year's second quarter.

However, net income was above the consensus estimate of 32 cents per share from financial markets data firm Refinitiv. It didn't provide a revenue estimate for Husky's second quarter.

Husky says its revenue net of royalties was $5.30 billion, down from $5.88 billion in last year's second quarter. Funds from operations dropped to $802 million or 80 cents per share from $1.21 billion or $1.20 per share.

The Calgary-based company says it's on track with a plan outlined at its recent investor day.

Companies in this story: (TSX:HSE)