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Horizon Global profit misses consensus by 66.6% in Q3

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Horizon Global profit misses consensus by 66.6% in Q3

Horizon Global Corp. said its third-quarter normalized net income was 17 cents per share, compared with the S&P Capital IQ consensus estimate of 52 cents per share.

EPS decreased 27.1% year over year from 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.2 million, a decrease of 26.7% from $4.3 million in the prior-year period.

The normalized profit margin declined to 2.1% from 2.7% in the year-earlier period.

Total revenue decreased year over year to $153.3 million from $157.9 million, and total operating expenses declined year over year to $142.9 million from $150.0 million.

Reported net income grew 21.4% from the prior-year period to $6.4 million, or 35 cents per share, from $5.3 million, or 29 cents per share.