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Snam profit misses consensus by 30.6% in Q2

Snam SpA said its normalized net income for the second quarter was 6 euro cents per share, compared with the S&P Capital IQ consensus estimate of 9 cents per share.

EPS decreased 15.3% year over year from 7 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €256.3 million, a gain from €249.4 million in the year-earlier period.

The normalized profit margin increased to 29.8% from 26.3% in the year-earlier period.

Total revenue came to €947.0 million, compared with €949.0 million in the year-earlier period, and total operating expenses came to €445.0 million, compared with €447.0 million in the prior-year period.

Reported net income came to €269.9 million, or 7 cents per share, compared with €269.0 million, or 8 cents per share, in the prior-year period.