Company News

Suncor reports boost in fourth-quarter profit

Feb 7 (Reuters) - Suncor Energy Inc, Canada’s second-largest energy producer, reported a higher fourth-quarter profit on Wednesday, topping analysts’ estimates on stronger oil prices and lower costs.

The Calgary, Alberta-based company reported net earnings of C$1.38 billion, or 84 Canadian cents per share, in the three months ended Dec. 31. In the year-prior quarter, net earnings were C$531 million, or 32 Canadian cents per share.

Suncor’s operating profit, which excludes one-time items, was C$1.31 billion, or 79 Canadian cents per share, in the fourth quarter, up from $636 million, or 38 Canadian cents per share, in the year-ago period.

Analysts had predicted earnings of 72 Canadian cents per share, according to Reuters data. (Reporting by Julie Gordon in Vancouver; Editing by Peter Cooney)