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Mekonomen profit misses consensus by 33.6% in Q3

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Mekonomen profit misses consensus by 33.6% in Q3

Mekonomen AB said its normalized net income for the third quarter came to 2.58 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 3.88 kronor per share.

EPS decreased 12.4% year over year from 2.95 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 92.6 million kronor, a decrease of 12.4% from 105.8 million kronor in the prior-year period.

The normalized profit margin declined to 6.6% from 7.9% in the year-earlier period.

Total revenue grew year over year to 1.41 billion kronor from 1.34 billion kronor, and total operating expenses rose 7.1% year over year to 1.24 billion kronor from 1.15 billion kronor.

Reported net income fell 18.8% on an annual basis to 108.0 million kronor, or 3.01 kronor per share, from 133.0 million kronor, or 3.70 kronor per share.

As of Nov. 11, US$1 was equivalent to 8.69 Swedish kronor.