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Novozymes profit misses consensus by 17.8% in Q1

Novozymes A/S said its first-quarter normalized net income amounted to 1.83 Danish kroner per share, compared with the S&P Capital IQ consensus estimate of 2.23 kroner per share.

EPS rose 28.5% year over year from 1.42 kroner.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 569.0 million kroner, a gain of 25.7% from 452.8 million kroner in the year-earlier period.

The normalized profit margin rose to 15.9% from 14.9% in the year-earlier period.

Total revenue increased 18.0% on an annual basis to 3.58 billion kroner from 3.03 billion kroner, and total operating expenses climbed 13.7% on an annual basis to 2.60 billion kroner from 2.29 billion kroner.

Reported net income grew on an annual basis to 706.0 million kroner, or 2.27 kroner per share, from 693.2 million kroner, or 2.18 kroner per share.

As of April 23, US$1 was equivalent to 6.91 Danish kroner.