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Thule Group profit misses consensus by 16.7% in Q2

Thule Group AB (publ) said its second-quarter normalized net income came to 2.06 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 2.47 kronor per share.

EPS increased 12.8% year over year from 1.83 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 206.9 million kronor, a gain of 34.0% from 154.4 million kronor in the prior-year period.

The normalized profit margin increased to 13.1% from 11.0% in the year-earlier period.

Total revenue grew 21.5% year over year to 1.70 billion kronor from 1.40 billion kronor, and total operating expenses climbed 27.3% on an annual basis to 1.35 billion kronor from 1.06 billion kronor.

Reported net income rose 41.9% year over year to 254.0 million kronor, or 2.53 kronor per share, from 179.0 million kronor, or 2.07 kronor per share.

As of July 22, US$1 was equivalent to 8.62 Swedish kronor.