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Orkla profit beats consensus by 42.3% in Q2

Orkla ASA said its normalized net income for the second quarter came to 78 Norwegian øre per share, compared with the S&P Capital IQ consensus estimate of 55 øre per share.

EPS climbed 65.7% year over year from 47 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 796.5 million kroner, a gain of 64.6% from 483.9 million kroner in the prior-year period.

The normalized profit margin rose to 10.3% from 6.7% in the year-earlier period.

Total revenue grew 7.1% on an annual basis to 7.71 billion kroner from 7.20 billion kroner, and total operating expenses grew 5.9% on an annual basis to 6.93 billion kroner from 6.54 billion kroner.

Reported net income increased 57.8% from the prior-year period to 1.11 billion kroner, or 1.09 kroner per share, from 703.0 million kroner, or 69 øre per share.

As of July 17, US$1 was equivalent to 8.17 Norwegian kroner.