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Fomento Economico Mexicano profit misses consensus by 26.7% in Q3

Fomento Economico Mexicano SA said its third-quarter normalized net income amounted to 1.07 Mexican pesos per share, compared with the S&P Capital IQ consensus estimate of 1.46 pesos per share.

EPS increased 24.2% year over year from 86 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.83 billion pesos, an increase of 24.2% from 3.08 billion pesos in the prior-year period.

The normalized profit margin climbed to 4.9% from 4.3% in the year-earlier period.

Total revenue grew 8.8% on an annual basis to 78.76 billion pesos from 72.39 billion pesos, and total operating expenses grew 10.5% from the prior-year period to 70.51 billion pesos from 63.81 billion pesos.

Reported net income rose from the prior-year period to 4.97 billion pesos, or 1.39 pesos per share, from 4.81 billion pesos, or 1.34 pesos per share.

As of Oct. 28, US$1 was equivalent to 16.44 Mexican pesos.