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AGT Food & Ingredients profit misses consensus by 62.6% in Q2

AGT Food & Ingredients Inc. said its second-quarter normalized net income was 15 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 41 cents per share.

EPS declined 73.2% year over year from 57 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$3.6 million, a decrease of 69.3% from C$11.6 million in the year-earlier period.

The normalized profit margin declined to 0.9% from 3.2% in the year-earlier period.

Total revenue increased 5.1% on an annual basis to C$378.2 million from C$359.8 million, and total operating expenses rose 6.1% from the prior-year period to C$360.4 million from C$339.8 million.

Reported net income decreased 73.1% from the prior-year period to C$3.5 million, or 15 cents per share, from C$13.0 million, or 64 cents per share.