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Fortum profit misses consensus by 18.1% in Q1

Fortum Oyj said its first-quarter normalized net income was 23 euro cents per share, compared with the S&P Capital IQ consensus estimate of 28 cents per share.

EPS increased 13.9% year over year from 20 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €205.0 million, a gain of 13.9% from €180.0 million in the prior-year period.

The normalized profit margin fell to 16.5% from 18.0% in the year-earlier period.

Total revenue increased 24.2% year over year to €1.24 billion from €998.0 million, and total operating expenses climbed 28.0% from the prior-year period to €927.0 million from €724.0 million.

Reported net income increased from the prior-year period to €337.6 million, or 38 cents per share, from €328.7 million, or 37 cents per share.