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Austevoll Seafood profit misses consensus by 65.8% in Q2


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Austevoll Seafood profit misses consensus by 65.8% in Q2

Austevoll Seafood ASA said its normalized net income for the second quarter amounted to 62 Norwegian øre per share, compared with the S&P Capital IQ consensus estimate of 1.83 kroner per share.

EPS declined 26.8% year over year from 85 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 125.1 million kroner, a decline of 27.4% from 172.3 million kroner in the year-earlier period.

The normalized profit margin fell to 2.7% from 4.2% in the year-earlier period.

Total revenue increased 11.0% year over year to 4.56 billion kroner from 4.11 billion kroner, and total operating expenses increased 5.1% on an annual basis to 3.92 billion kroner from 3.73 billion kroner.

Reported net income rose 18.9% from the prior-year period to 218.3 million kroner, or 1.09 kroner per share, from 183.7 million kroner, or 91 øre per share.

As of Aug. 18, US$1 was equivalent to 8.16 Norwegian kroner.