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Fortum profit misses consensus by 45.7% in Q2

Fortum Oyj said its normalized net income for the second quarter amounted to 6 euro cents per share, compared with the S&P Capital IQ consensus estimate of 12 cents per share.

EPS decreased 14.6% year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €56.3 million, a decrease of 21.3% from €71.5 million in the prior-year period.

The normalized profit margin dropped to 5.9% from 9.2% in the year-earlier period.

Total revenue grew 21.8% on an annual basis to €946.0 million from €777.0 million, and total operating expenses climbed 27.9% on an annual basis to €838.0 million from €655.0 million.

Reported net income totaled a loss of €70.0 million, or a loss of 8 cents per share, compared with income of €57.0 million, or 6 cents per share, in the year-earlier period.