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Weyco Group profit misses consensus by 37.4% in Q2

Weyco Group Inc. said its normalized net income for the second quarter was 10 cents per share, compared with the S&P Capital IQ consensus estimate of 16 cents per share.

EPS fell 44.4% year over year from 18 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.1 million, a decline of 45.8% from $2.0 million in the prior-year period.

The normalized profit margin dropped to 1.9% from 3.1% in the year-earlier period.

Total revenue decreased 11.1% on an annual basis to $56.9 million from $63.9 million, and total operating expenses fell 8.8% year over year to $55.3 million from $60.6 million.

Reported net income fell 53.9% on an annual basis to $954,000, or 9 cents per share, from $2.1 million, or 19 cents per share.