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PUMA swings to profit in Q2

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PUMA swings to profit in Q2

PUMA SE said its normalized net income for the second quarter amounted to 6 euro cents per share, compared with the S&P Capital IQ consensus estimate of 7 cents per share.

The per-share result swung to a profit from the prior-year loss of 41 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €937,500, compared with a loss of €6.1 million in the year-earlier period.

The normalized profit margin increased to 0.1% from negative 0.8% in the year-earlier period.

Total revenue climbed 7.0% on an annual basis to €826.5 million from €772.7 million, and total operating expenses climbed 6.4% on an annual basis to €814.6 million from €765.9 million.

Reported net income totaled €1.6 million, or 11 cents per share, compared to a loss of €3.3 million, or a loss of 22 cents per share, in the prior-year period.