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Midsona profit misses consensus by 70.6% in Q1

Midsona AB said its first-quarter normalized net income was 25 Swedish öre per share, compared with the S&P Capital IQ consensus estimate of 84 öre per share.

EPS declined 35.7% year over year from 38 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.6 million kronor, a decrease of 35.7% from 8.8 million kronor in the year-earlier period.

The normalized profit margin dropped to negative 0.3% from 3.6% in the year-earlier period.

Total revenue fell on an annual basis to 232.0 million kronor from 241.0 million kronor, and total operating expenses fell from the prior-year period to 221.0 million kronor from 225.0 million kronor.

Reported net income came to a loss of 1.0 million kronor, or a loss of 4 öre per share, compared to income of 12.0 million kronor, or 53 öre per share, in the year-earlier period.

As of April 28, US$1 was equivalent to 8.53 Swedish kronor.