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Kion Group profit misses consensus by 35.6% in Q3

KION GROUP AG said its third-quarter normalized net income was 63 euro cents per share, compared with the S&P Capital IQ consensus estimate of 97 cents per share.

EPS rose 13.3% year over year from 55 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €73.3 million, a gain of 24.2% from €59.1 million in the year-earlier period.

The normalized profit margin declined to 4.0% from 4.6% in the year-earlier period.

Total revenue rose 44.0% on an annual basis to €1.85 billion from €1.28 billion, and total operating expenses climbed 44.5% from the prior-year period to €1.70 billion from €1.18 billion.

Reported net income grew 20.2% year over year to €79.7 million, or 68 cents per share, from €66.3 million, or 62 cents per share.