Devon Energy net off; adjusted earnings higher

TEL AVIV (MarketWatch) -- Devon Energy Corp., the Oklahoma City oil-and-gas producer, reported third-quarter net income fell 50%, and earnings from continuing operations more than doubled, on 49% higher revenue. Earnings fell to $1.04 billion, or $2.50 a share, from $2.09 billion, or $4.79, in the year-earlier period. The year-earlier share number reflected a $3.81 gain from discontinued operations; earnings from continuing operations were $2.50 a share in the latest period compared with 98 cents a year earlier. The latest adjusted earnings were $1.54 a share. Revenue reached $3.5 billion from $2.35 billion. A survey of analysts by FactSet Research produced consensus estimates of $1.46 a share of profit on $2.45 billion of revenue.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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