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Finnveden Holding profit misses consensus by 19.0% in Q2

Finnveden Holding AB said its normalized net income for the second quarter came to 1.62 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 2.00 kronor per share.

EPS increased 20.7% year over year from 1.34 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 32.9 million kronor, a gain of 16.8% from 28.2 million kronor in the prior-year period.

The normalized profit margin increased to 4.7% from 4.0% in the year-earlier period.

Total revenue declined on an annual basis to 686.4 million kronor from 695.8 million kronor, and total operating expenses declined year over year to 629.8 million kronor from 651.0 million kronor.

Reported net income rose 10.5% on an annual basis to 39.1 million kronor, or 1.92 kronor per share, from 35.4 million kronor, or 1.68 kronor per share.

As of July 13, US$1 was equivalent to 8.49 Swedish kronor.