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Ekornes ASA Q3 profit climbs YOY

Ekornes ASA said its third-quarter normalized net income came to 2.56 Norwegian kroner per share, compared with the S&P Capital IQ consensus estimate of 2.25 kroner per share.

EPS increased year over year from 1.24 kroner.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 94.1 million kroner, an increase from 45.9 million kroner in the prior-year period.

The normalized profit margin increased to 13.2% from 6.0% in the year-earlier period.

Total revenue fell 7.1% year over year to 712.8 million kroner from 767.4 million kroner, and total operating expenses decreased 18.6% from the prior-year period to 547.0 million kroner from 672.1 million kroner.

Reported net income rose 90.1% on an annual basis to 99.6 million kroner, or 2.71 kroner per share, from 52.4 million kroner, or 1.42 kroner per share.

As of Nov. 7, US$1 was equivalent to 8.26 Norwegian kroner.