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Swatch profit misses consensus by 36.4% in H2

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Swatch profit misses consensus by 36.4% in H2

Swatch Group Ltd. said its second-half normalized net income amounted to CHF7.72 per share, compared with the S&P Capital IQ consensus estimate of CHF12.13 per share.

EPS fell 24.6% year over year from CHF10.24.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was CHF419.5 million, a decrease of 24.6% from CHF556.5 million in the year-earlier period.

Total revenue declined 7.6% on an annual basis to CHF4.26 billion from CHF4.61 billion, and total operating expenses decreased from the prior-year period to CHF3.57 billion from CHF3.69 billion.

Reported net income decreased 22.3% year over year to CHF563.0 million, or CHF10.36 per share, from CHF725.0 million, or CHF13.34 per share.

For the year, the company's normalized net income totaled CHF15.47 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of CHF21.60.

EPS declined 20.9% from CHF19.57 in the prior year.

Normalized net income was CHF840.6 million, a decline of 21.0% from CHF1.06 billion in the prior year.

Full-year total revenue declined from the prior-year period to CHF8.45 billion from CHF8.71 billion, and total operating expenses came to CHF7.00 billion, compared with CHF6.96 billion in the prior-year period.

The company said reported net income decreased 21.3% on an annual basis to CHF1.09 billion, or CHF20.05 per share, in the full year, from CHF1.38 billion, or CHF25.47 per share.