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Tate & Lyle profit misses consensus by 29.9% in fiscal H2

Tate & Lyle PLC said its normalized net income for the fiscal second half ended March 31 amounted to £65.6 million.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue came to £1.16 billion, and total operating expenses totaled £1.06 billion.

Reported net income totaled a loss of £38.0 million, or a loss of 8 pence per share.

For the year, the company's normalized net income totaled 26 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 37 pence.

EPS declined 31.7% from 38 pence in the prior year.

Normalized net income was £120.6 million, a decrease of 32.0% from £177.5 million in the prior year.

Full-year total revenue declined 14.5% on an annual basis to £2.36 billion from £2.75 billion, and total operating expenses declined 12.6% on an annual basis to £2.19 billion from £2.50 billion.

The company said reported net income fell 87.6% on an annual basis to £30.4 million, or 6 pence per share, in the full year, from £245.1 million, or 52 pence per share.