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Ekornes ASA profit misses consensus by 35.9% in Q2

Ekornes ASA said its second-quarter normalized net income came to 1.44 Norwegian kroner per share, compared with the S&P Capital IQ consensus estimate of 2.25 kroner per share.

EPS increased 98.7% year over year from 73 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 53.1 million kroner, an increase of 98.8% from 26.7 million kroner in the prior-year period.

The normalized profit margin increased to 7.0% from 3.6% in the year-earlier period.

Total revenue rose year over year to 759.5 million kroner from 749.2 million kroner, and total operating expenses came to 687.0 million kroner, compared with 686.8 million kroner in the year-earlier period.

Reported net income rose year over year to 59.2 million kroner, or 1.61 kroner per share, from 28.3 million kroner, or 77 øre per share.

As of July 15, US$1 was equivalent to 8.45 Norwegian kroner.