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Südzucker swings to loss in fiscal Q4

Südzucker AG said its normalized net income for the fiscal fourth quarter ended Feb. 28 amounted to a loss of 7 euro cents per share, compared with the S&P Capital IQ consensus estimate of 15 cents per share.

The per-share result swung to a loss from the prior-year profit of 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €14.3 million, compared with income of €16.7 million in the year-earlier period.

The normalized profit margin dropped to 0.3% from 1.0% in the year-earlier period.

Total revenue decreased 7.1% on an annual basis to €1.54 billion from €1.66 billion, and total operating expenses came to €1.63 billion, compared with €1.64 billion in the year-earlier period.

Reported net income totaled a loss of €47.0 million, or a loss of 23 cents per share, compared to a loss of €78.1 million, or a loss of 38 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 23 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 30 cents.

EPS declined 84.5% from €1.47 in the prior year.

Normalized net income was €46.6 million, a fall of 84.5% from €299.9 million in the prior year.

Full-year total revenue decreased 10.0% year over year to €6.78 billion from €7.53 billion, and total operating expenses decreased on an annual basis to €6.68 billion from €6.93 billion.

The company said reported net income declined 92.8% on an annual basis to €20.1 million, or 10 cents per share, in the full year, from €280.3 million, or €1.37 per share.