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Biglari Holdings profit misses consensus by 21.3% in Q2

Biglari Holdings Inc. said its second-quarter normalized net income came to $1.14 per share, compared with the S&P Capital IQ consensus estimate of $1.45 per share.

The per-share result swung to a profit from the prior-year loss of 54 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.1 million, compared with a loss of $908,130 in the year-earlier period.

The normalized profit margin increased to 1.0% from negative 0.4% in the year-earlier period.

Total revenue climbed 6.6% year over year to $222.0 million from $208.2 million, and total operating expenses increased on an annual basis to $213.2 million from $204.4 million.

Reported net income declined 99.9% on an annual basis to $18,500, or 1 cent per share, from $28.8 million, or $16.97 per share.