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Fortum profit misses consensus by 49.2% in Q4

Fortum Oyj said its fourth-quarter normalized net income came to 11 euro cents per share, compared with the S&P Capital IQ consensus estimate of 22 cents per share.

EPS declined 30.5% year over year from 16 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €101.8 million, a decline of 10.1% from €113.1 million in the year-earlier period.

The normalized profit margin dropped to 8.9% from 11.8% in the year-earlier period.

Total revenue climbed 18.2% year over year to €1.14 billion from €962.0 million, and total operating expenses grew 32.1% year over year to €951.0 million from €720.0 million.

Reported net income rose 937.4% on an annual basis to €145.5 million, or 16 cents per share, from €14.0 million, or 2 cents per share.

For the year, the company's normalized net income totaled 42 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 64 cents.

EPS declined from 43 cents in the prior year.

Normalized net income was €368.9 million, a decline from €380.4 million in the prior year.

Full-year total revenue rose year over year to €3.65 billion from €3.49 billion, and total operating expenses grew year over year to €3.01 billion from €2.68 billion.

The company said reported net income totaled €497.5 million, or 56 cents per share, in the full year, compared with a loss of €231.0 million, or a loss of 26 cents per share, the prior year.