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Apetit profit misses consensus by 54.8% in Q3

Apetit Oyj said its normalized net income for the third quarter amounted to 11 euro cents per share, compared with the S&P Capital IQ consensus estimate of 25 cents per share.

The per-share result swung to a profit from the prior-year loss of 38 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €687,500, compared with a loss of €2.4 million in the year-earlier period.

The normalized profit margin climbed to 1.1% from negative 3.2% in the year-earlier period.

Total revenue rose 22.0% on an annual basis to €91.9 million from €75.3 million, and total operating expenses climbed 15.7% year over year to €90.5 million from €78.2 million.

Reported net income came to €1.8 million, or 29 cents per share, compared to a loss of €4.0 million, or a loss of 64 cents per share, in the year-earlier period.