Swedish Match AB said its fourth-quarter normalized net income came to 2.57 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 3.49 kronor per share.

EPS fell 5.8% year over year from 2.73 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 488.8 million kronor, a decline of 9.1% from 537.5 million kronor in the year-earlier period.

The normalized profit margin dropped to 13.6% from 15.2% in the year-earlier period.

Total revenue climbed 5.2% year over year to 3.72 billion kronor from 3.54 billion kronor, and total operating expenses increased 8.6% from the prior-year period to 2.89 billion kronor from 2.67 billion kronor.

Reported net income fell 9.3% year over year to 635.6 million kronor, or 3.34 kronor per share, from 700.4 million kronor, or 3.55 kronor per share.

For the year, the company's normalized net income totaled 11.59 kronor per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 14.87 kronor.

EPS rose 12.7% from 10.29 kronor in the prior year.

Normalized net income was 2.24 billion kronor, a rise of 9.8% from 2.04 billion kronor in the prior year.

Full-year total revenue grew 8.9% from the prior-year period to 14.49 billion kronor from 13.30 billion kronor, and total operating expenses rose 10.0% year over year to 10.84 billion kronor from 9.86 billion kronor.

The company said reported net income rose 6.7% year over year to 2.80 billion kronor, or 14.48 kronor per share, in the full year, from 2.63 billion kronor, or 13.22 kronor per share.

As of March 24, US$1 was equivalent to 8.31 Swedish kronor.