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Horizon Global Q2 profit falls 36.0% YOY

Horizon Global Corp. said its second-quarter normalized net income was 31 cents per share, compared with the S&P Capital IQ consensus estimate of 36 cents per share.

EPS declined 36.1% year over year from 49 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $5.7 million, a decline of 36.0% from $8.8 million in the prior-year period.

The normalized profit margin declined to 2.8% from 5.0% in the year-earlier period.

Total revenue fell 11.1% year over year to $158.5 million from $178.3 million, and total operating expenses decreased 8.9% year over year to $148.6 million from $163.2 million.

Reported net income declined 80.0% from the prior-year period to $2.2 million, or 12 cents per share, from $10.9 million, or 60 cents per share.