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Novozymes profit misses consensus by 18.6% in Q2

Novozymes A/S said its second-quarter normalized net income came to 1.87 Danish kroner per share, compared with the S&P Capital IQ consensus estimate of 2.30 kroner per share.

EPS climbed 23.5% year over year from 1.52 kroner.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 581.3 million kroner, an increase of 21.3% from 479.4 million kroner in the prior-year period.

The normalized profit margin increased to 15.9% from 15.7% in the year-earlier period.

Total revenue rose 12.7% year over year to 3.45 billion kroner from 3.06 billion kroner, and total operating expenses climbed 8.6% on an annual basis to 2.47 billion kroner from 2.27 billion kroner.

Reported net income increased 15.5% on an annual basis to 683.1 million kroner, or 2.20 kroner per share, from 591.5 million kroner, or 1.87 kroner per share.

As of Aug. 6, US$1 was equivalent to 6.84 Danish kroner.