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Nomad Foods swings to profit in Q2

Nomad Foods Ltd. said its normalized net income for the second quarter was 16 euro cents per share, compared with the S&P Capital IQ consensus estimate of 17 cents per share.

The per-share result swung to a profit from the prior-year loss of €2.43.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €29.3 million, compared with a loss of €218.1 million in the prior-year period.

The normalized profit margin climbed to 6.4% from negative 212.2% in the year-earlier period.

Total revenue rose year over year to €455.9 million from €102.8 million, and total operating expenses grew year over year to €391.7 million from €89.5 million.

Reported net income came to a loss of €7.3 million, or a loss of 4 cents per share, compared to a loss of €396.6 million, or a loss of €4.41 per share, in the year-earlier period.