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Leroy Seafood profit misses consensus by 48.8% in Q3

Lerøy Seafood Group ASA said its normalized net income for the third quarter was 45 Norwegian øre per share, compared with the S&P Capital IQ consensus estimate of 87 øre per share.

EPS increased 39.2% year over year from 32 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 266.1 million kroner, a gain of 52.0% from 175.0 million kroner in the prior-year period.

The normalized profit margin climbed to 6.2% from 5.3% in the year-earlier period.

Total revenue rose 29.5% on an annual basis to 4.27 billion kroner from 3.29 billion kroner, and total operating expenses climbed 29.6% from the prior-year period to 3.86 billion kroner from 2.98 billion kroner.

Reported net income grew 51.1% year over year to 339.6 million kroner, or 57 øre per share, from 224.8 million kroner, or 41 øre per share.

As of Nov. 10, US$1 was equivalent to 8.38 Norwegian kroner.