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Fortum profit misses consensus by 37.3% in Q2

Fortum Oyj said its second-quarter normalized net income amounted to 10 euro cents per share, compared with the S&P Capital IQ consensus estimate of 16 cents per share.

EPS fell 29.8% year over year from 14 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €88.4 million, a decrease of 29.3% from €125.0 million in the prior-year period.

The normalized profit margin dropped to 11.0% from 14.0% in the year-earlier period.

Total revenue decreased 9.9% on an annual basis to €806.0 million from €895.0 million, and total operating expenses decreased on an annual basis to €662.0 million from €685.0 million.

Reported net income decreased 39.8% year over year to €118.0 million, or 13 cents per share, from €196.0 million, or 22 cents per share.