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C&C Group profit misses consensus by 34.7% in fiscal H2

C&C Group plc said its normalized net income for the fiscal second half ended Feb. 28 amounted to 8 euro cents per share, compared with the S&P Capital IQ consensus estimate of 12 cents per share.

EPS decreased 10.7% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €25.1 million, a decline of 15.8% from €29.8 million in the year-earlier period.

Total revenue climbed 11.4% on an annual basis to €315.8 million from €283.5 million, and total operating expenses increased 18.7% from the prior-year period to €273.6 million from €230.5 million.

Reported net income totaled a loss of €132.8 million, or a loss of 41 cents per share, compared to income of €41.4 million, or 12 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 20 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 27 cents.

EPS declined from 21 cents in the prior year.

Normalized net income was €65.4 million, a fall of 7.9% from €71.0 million in the prior year.

Full-year total revenue rose 10.3% on an annual basis to €683.9 million from €620.2 million, and total operating expenses rose 15.4% year over year to €572.5 million from €496.1 million.

The company said reported net income totaled a loss of €81.0 million, or a loss of 24 cents per share, in the full year, compared with income of €83.4 million, or 24 cents per share, the prior year.