NEW YORK (TheStreet) -- Encana Corp. (ECA) released its 2015 first quarter earnings results this morning, and the Canada-based energy producer said its operating earnings, excluding items, came in at $9 million, or 1 cent per diluted share, compared to the $515 million, or 70 cents per diluted share for the same period last year.
Despite the decline in adjusted earnings Encana beat the loss of 9 cents per share analysts had forecast.
The company reported a net loss of $1.7 billion for the quarter.
Revenue for the latest quarter was $1.25 billion versus the $1.89 billion Encana reported for the 2014 first quarter.
Analysts were looking for revenue of $1.21 billion.
"Through the continued advancement of our strategy, our first quarter results demonstrate the impact of our high quality portfolio, focused capital investment and prudent balance sheet management. Through innovation, execution improvements and teamwork, we continue to drive greater performance and efficiency throughout the company," company CEO Doug Suttles said in a statement.
Shares of Encana closed at $13.87 on Monday afternoon.
Separately, TheStreet Ratings team rates ENCANA CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENCANA CORP (ECA) a HOLD. The primary factors that have impacted our rating are mixed-some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income and notable return on equity. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and weak operating cash flow."