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Fortum profit misses consensus by 34.2% in Q1

Fortum Oyj said its normalized net income for the first quarter amounted to 24 euro cents per share, compared with the S&P Capital IQ consensus estimate of 36 cents per share.

EPS decreased 6.4% year over year from 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €210.4 million, a decline of 6.4% from €224.8 million in the year-earlier period.

The normalized profit margin rose to 20.1% from 18.5% in the year-earlier period.

Total revenue declined 13.7% on an annual basis to €1.05 billion from €1.21 billion, and total operating expenses fell 17.7% from the prior-year period to €704.0 million from €855.0 million.

Reported net income fell 5.7% on an annual basis to €293.2 million, or 33 cents per share, from €310.9 million, or 35 cents per share.