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AutoCanada Q2 profit climbs 7.1% YOY

AutoCanada Inc. said its second-quarter normalized net income was 47 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 50 cents per share.

EPS declined year over year from 50 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$11.6 million, an increase of 7.1% from C$10.8 million in the year-earlier period.

The normalized profit margin fell to 1.4% from 2.3% in the year-earlier period.

Total revenue climbed 75.7% year over year to C$816.9 million from C$465.1 million, and total operating expenses climbed 76.4% from the prior-year period to C$786.5 million from C$445.9 million.

Reported net income grew 6.5% from the prior-year period to C$13.7 million, or 55 cents per share, from C$12.9 million, or 59 cents per share.