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Valeo profit misses consensus by 25.3% in H1

Valeo SA said its first-half normalized net income came to €1.66 per share, compared with the S&P Capital IQ consensus estimate of €2.23 per share.

EPS increased 18.2% year over year from €1.41.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €399.5 million, an increase of 19.1% from €335.5 million in the year-earlier period.

Total revenue grew 16.4% on an annual basis to €9.46 billion from €8.13 billion, and total operating expenses rose 16.3% year over year to €8.75 billion from €7.52 billion.

Reported net income rose 20.1% from the prior-year period to €507.1 million, or €2.11 per share, from €422.4 million, or €1.77 per share.