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Suncor Energy Q2 FFO Rises

Suncor Energy Inc. (SU.TO) reported that its second-quarter funds from operations rose to C$3.005 billion or C$1.92 per share from C$2.862 billion or C$1.75 per share in the prior year quarter.

Net earnings surged to C$2.729 billion or C$1.74 per share from last year's C$972 million or C$0.60 per share in the prior year quarter, reflecting a one-time deferred income tax recovery of C$1.116 billion or C$0.71 per share regarding the staged reduction of Alberta's corporate income tax rate from 12% to 8% over the next four years.

Operating earnings were C$1.253 billion or C$0.80 per share, compared to operating earnings of C$1.190 billion or C$0.73 per share in the prior year quarter.

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