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Nokian Renkaat Oyj profit misses consensus by 25.3% in Q2

Nokian Renkaat Oyj said its normalized net income for the second quarter was 34 euro cents per share, compared with the S&P Capital IQ consensus estimate of 46 cents per share.

EPS declined year over year from 36 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €45.8 million, a decline of 7.0% from €49.2 million in the year-earlier period.

The normalized profit margin declined to 13.2% from 13.3% in the year-earlier period.

Total revenue fell 6.5% year over year to €345.5 million from €369.5 million, and total operating expenses declined 4.9% year over year to €265.0 million from €278.8 million.

Reported net income declined 6.7% on an annual basis to €63.9 million, or 48 cents per share, from €68.5 million, or 50 cents per share.