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Bang & Olufsen swings to loss in fiscal Q2

Bang & Olufsen a/s said its normalized net income for the fiscal second quarter ended Nov. 30, 2014, was a loss of 1.36 Danish kroner per share, compared with the S&P Capital IQ consensus estimate of a loss of 1.71 kroner per share.

The per-share result swung to a loss from the prior-year profit of 26 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 57.4 million kroner, compared with income of 10.4 million kroner in the year-earlier period.

The normalized profit margin dropped to negative 16.4% from 1.3% in the year-earlier period.

Total revenue fell 7.7% on an annual basis to 759.0 million kroner from 822.0 million kroner, and total operating expenses increased 7.9% on an annual basis to 854.0 million kroner from 791.3 million kroner.

Reported net income totaled a loss of 71.8 million kroner, or a loss of 1.70 kroner per share, compared to income of 7.9 million kroner, or 20 øre per share, in the year-earlier period.

As of Jan. 20, US$1 was equivalent to 6.42 Danish kroner.