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Sanford profit misses consensus by 22.5% in fiscal year

Sanford Ltd. said its normalized net income for the fiscal full year ended Sept. 30 was 24 New Zealand cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.

EPS fell 13.2% year over year from 28 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NZ$22.9 million, a decline of 13.2% from NZ$26.4 million in the prior-year period.

The normalized profit margin fell to 5.2% from 6.0% in the year-earlier period.

Total revenue came to NZ$444.3 million, compared with NZ$442.2 million in the prior-year period, and total operating expenses grew year over year to NZ$394.5 million from NZ$386.9 million.

Reported net income fell 27.4% from the prior-year period to NZ$24.5 million, or 26 cents per share, from NZ$33.7 million, or 36 cents per share.

As of Nov. 18, US$1 was equivalent to NZ$1.55.