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IC Group profit misses consensus by 46.4% in fiscal Q3

IC Group A/S said its normalized net income for the fiscal third quarter ended March 31 amounted to 2.38 Danish kroner per share, compared with the S&P Capital IQ consensus estimate of 4.43 kroner per share.

EPS decreased 26.1% year over year from 3.21 kroner.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 39.4 million kroner, a decrease of 26.0% from 53.2 million kroner in the year-earlier period.

The normalized profit margin dropped to 5.5% from 7.4% in the year-earlier period.

Total revenue came to 719.6 million kroner, compared with 715.5 million kroner in the year-earlier period, and total operating expenses grew on an annual basis to 654.5 million kroner from 628.5 million kroner.

Reported net income fell 31.9% from the prior-year period to 44.7 million kroner, or 2.70 kroner per share, from 65.7 million kroner, or 3.96 kroner per share.

As of May 13, US$1 was equivalent to 6.57 Danish kroner.