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Volvo profit misses consensus by 15.8% in Q2

AB Volvo said its second-quarter normalized net income amounted to 2.42 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 2.88 kronor per share.

EPS increased 129.6% year over year from 1.06 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.93 billion kronor, a gain of 129.8% from 2.14 billion kronor in the prior-year period.

The normalized profit margin climbed to 5.6% from 2.7% in the year-earlier period.

Total revenue rose 12.1% year over year to 88.41 billion kronor from 78.89 billion kronor, and total operating expenses grew 6.5% from the prior-year period to 80.23 billion kronor from 75.31 billion kronor.

Reported net income grew 200.1% on an annual basis to 5.92 billion kronor, or 2.91 kronor per share, from 1.97 billion kronor, or 97 öre per share.

As of July 19, US$1 was equivalent to 8.28 Swedish kronor.