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Scandinavian Tobacco profit misses consensus by 22.2% in Q2

Scandinavian Tobacco Group A/S said its second-quarter normalized net income came to 1.79 Danish kroner per share, compared with the S&P Capital IQ consensus estimate of 2.30 kroner per share.

EPS increased year over year from 1.74 kroner.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 177.1 million kroner, an increase from 170.4 million kroner in the prior-year period.

The normalized profit margin climbed to 10.4% from 9.7% in the year-earlier period.

Total revenue declined on an annual basis to 1.70 billion kroner from 1.75 billion kroner, and total operating expenses declined from the prior-year period to 1.40 billion kroner from 1.45 billion kroner.

Reported net income came to 207.9 million kroner, or 2.10 kroner per share, compared to 206.0 million kroner, or 2.10 kroner per share, in the year-earlier period.

As of Aug. 31, US$1 was equivalent to 6.68 Danish kroner.