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Koninklijke DSM profit misses consensus by 48.4% in Q1

Royal DSM NV said its normalized net income for the first quarter was 27 euro cents per share, compared with the S&P Capital IQ consensus estimate of 53 cents per share.

EPS declined 34.2% year over year from 42 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €47.6 million, a decrease of 33.9% from €72.0 million in the prior-year period.

The normalized profit margin declined to 2.5% from 4.3% in the year-earlier period.

Total revenue increased 11.5% on an annual basis to €1.89 billion from €1.69 billion, and total operating expenses grew 12.6% year over year to €1.75 billion from €1.56 billion.

Reported net income fell 16.3% on an annual basis to €41.0 million, or 24 cents per share, from €49.0 million, or 28 cents per share.