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Mekonomen profit misses consensus by 16.2% in Q1

Mekonomen AB said its first-quarter normalized net income came to 2.33 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 2.78 kronor per share.

EPS rose 8.1% year over year from 2.16 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 83.6 million kronor, a gain of 8.1% from 77.4 million kronor in the year-earlier period.

The normalized profit margin increased to 6.1% from 6.0% in the year-earlier period.

Total revenue climbed 7.1% year over year to 1.38 billion kronor from 1.29 billion kronor, and total operating expenses rose 7.4% on an annual basis to 1.24 billion kronor from 1.15 billion kronor.

Reported net income increased 14.4% year over year to 103.0 million kronor, or 2.87 kronor per share, from 90.0 million kronor, or 2.51 kronor per share.

As of May 13, US$1 was equivalent to 8.22 Swedish kronor.