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Leoni AG profit misses consensus by 31.3% in Q1

Leoni AG said its normalized net income for the first quarter was 53 euro cents per share, compared with the S&P Capital IQ consensus estimate of 77 cents per share.

EPS declined 36.5% year over year from 83 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €17.3 million, a decrease of 36.5% from €27.2 million in the prior-year period.

The normalized profit margin dropped to 1.6% from 2.7% in the year-earlier period.

Total revenue climbed 8.7% on an annual basis to €1.11 billion from €1.02 billion, and total operating expenses grew 10.7% on an annual basis to €1.07 billion from €968.0 million.

Reported net income declined 46.9% on an annual basis to €16.7 million, or 51 cents per share, from €31.4 million, or 96 cents per share.