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Hon Hai Precision Industry profit misses consensus by 18.9% in Q2

Hon Hai Precision Industry Co., Ltd. said its normalized net income for the second quarter came to NT$1.10 per share, compared with the S&P Capital IQ consensus estimate of NT$1.35 per share.

EPS decreased 20.0% year over year from NT$1.37.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$19.08 billion, a decrease of 20.1% from NT$23.88 billion in the prior-year period.

The normalized profit margin fell to 2.1% from 2.5% in the year-earlier period.

Total revenue fell 5.2% on an annual basis to NT$922.14 billion from NT$972.71 billion, and total operating expenses declined year over year to NT$901.32 billion from NT$939.60 billion.

Reported net income decreased 31.1% year over year to NT$17.72 billion, or NT$1.02 per share, from NT$25.73 billion, or NT$1.48 per share.

As of Aug. 15, US$1 was equivalent to NT$31.33.