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IAG profit misses consensus by 28.7% in Q2

International Consolidated Airlines Group SA said its normalized net income for the second quarter came to 21 euro cents per share, compared with the S&P Capital IQ consensus estimate of 29 cents per share.

EPS increased 49.3% year over year from 14 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €455.6 million, a gain of 48.8% from €306.3 million in the prior-year period.

The normalized profit margin increased to 7.8% from 5.4% in the year-earlier period.

Total revenue rose on an annual basis to €5.95 billion from €5.71 billion, and total operating expenses came to €5.13 billion, compared with €5.11 billion in the year-earlier period.

Reported net income grew 23.2% year over year to €540.0 million, or 25 cents per share, from €438.2 million, or 20 cents per share.