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Leonardo S.p.A. profit misses consensus by 42.9% in Q3

Leonardo SpA said its third-quarter normalized net income was 13 euro cents per share, compared with the S&P Capital IQ consensus estimate of 22 cents per share.

EPS declined 39.0% year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €72.1 million, a decline of 39.1% from €118.4 million in the prior-year period.

The normalized profit margin fell to 2.7% from 4.5% in the year-earlier period.

Total revenue grew on an annual basis to €2.66 billion from €2.62 billion, and total operating expenses grew on an annual basis to €2.50 billion from €2.43 billion.

Reported net income fell 45.8% on an annual basis to €77.0 million, or 13 cents per share, from €142.0 million, or 25 cents per share.