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Snam profit misses consensus by 33.0% in Q3

Snam SpA said its third-quarter normalized net income came to 5 euro cents per share, compared with the S&P Capital IQ consensus estimate of 8 cents per share.

EPS decreased 14.3% year over year from 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €183.1 million, a decline of 16.3% from €218.8 million in the prior-year period.

The normalized profit margin climbed to 29.2% from 25.4% in the year-earlier period.

Total revenue fell 27.1% year over year to €628.0 million from €862.0 million, and total operating expenses declined 35.6% from the prior-year period to €279.0 million from €433.0 million.

Reported net income fell on an annual basis to €251.0 million, or 7 cents per share, from €257.0 million, or 7 cents per share.