OTTAWA (dpa-AFX) - Suncor Energy (SU) reported first quarter net income of C$2.1 billion compared to C$1.7 billion, prior year. Earnings per share was C$1.77 compared to C$1.36. Adjusted operating earnings increased to C$2.3 billion from C$1.6 billion. Adjusted operating EPS was C$1.93 compared to C$1.31. Adjusted funds from operations increased C$4.03 billion from C$3.05 billion. Adjusted FFO per share was C$3.39 compared to C$2.46.
The company said its adjusted operating earnings increased, primarily due to increased downstream margins and upstream price realizations, and increased upstream and downstream sales volumes, partially offset by increased operating and transportation expenses associated with the higher sales volumes.
First quarter gross revenues were C$15.42 billion compared to C$13.33 billion. Revenues and Other Income increased to $14.66 billion from $12.45 billion.
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