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Ekornes ASA profit misses consensus by 57.8% in Q2

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Ekornes ASA profit misses consensus by 57.8% in Q2

Ekornes ASA said its normalized net income for the second quarter amounted to 73 Norwegian øre per share, compared with the S&P Capital IQ consensus estimate of 1.72 kroner per share.

EPS declined 29.4% year over year from 1.03 kroner.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 26.7 million kroner, a decrease of 29.5% from 37.9 million kroner in the year-earlier period.

The normalized profit margin declined to 3.6% from 6.0% in the year-earlier period.

Total revenue grew 25.1% on an annual basis to 789.8 million kroner from 631.3 million kroner, and total operating expenses climbed 25.6% year over year to 727.4 million kroner from 579.3 million kroner.

Reported net income decreased 32.0% year over year to 28.3 million kroner, or 77 øre per share, from 41.6 million kroner, or 1.13 kroner per share.

As of Aug. 19, US$1 was equivalent to 8.34 Norwegian kroner.