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Olvi profit misses consensus by 49.5% in Q1

Olvi Oyj said its first-quarter normalized net income amounted to 5 euro cents per share, compared with the S&P Capital IQ consensus estimate of 10 cents per share.

EPS declined 49.8% year over year from 10 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €1.1 million, a decline of 49.9% from €2.2 million in the prior-year period.

The normalized profit margin declined to 1.8% from 3.6% in the year-earlier period.

Total revenue grew year over year to €61.5 million from €59.7 million, and total operating expenses grew on an annual basis to €57.7 million from €56.3 million.

Reported net income declined 47.2% from the prior-year period to €1.4 million, or 7 cents per share, from €2.7 million, or 13 cents per share.