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Norway Royal Salmon profit beats consensus by 58.4% in Q3

Norway Royal Salmon AS said its third-quarter normalized net income amounted to 1.27 Norwegian kroner per share, compared with the S&P Capital IQ consensus estimate of 80 øre per share.

EPS climbed 74.2% year over year from 73 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 55.3 million kroner, a gain of 85.8% from 29.8 million kroner in the year-earlier period.

The normalized profit margin increased to 7.2% from 5.6% in the year-earlier period.

Total revenue grew 47.1% year over year to 775.8 million kroner from 527.3 million kroner, and total operating expenses rose 45.0% on an annual basis to 698.2 million kroner from 481.4 million kroner.

Reported net income grew from the prior-year period to 90.7 million kroner, or 2.08 kroner per share, from 43.3 million kroner, or 1.06 kroner per share.

As of Nov. 10, US$1 was equivalent to 8.65 Norwegian kroner.