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Bakkafrost Q4 profit falls YOY

P/F Bakkafrost said its normalized net income for the fourth quarter was 3.98 Danish kroner per share, compared with the S&P Capital IQ consensus estimate of 3.87 kroner per share.

EPS fell year over year from 4.05 kroner.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 193.5 million kroner, a decline from 196.3 million kroner in the year-earlier period.

The normalized profit margin fell to 25.5% from 25.9% in the year-earlier period.

Total revenue came to 759.7 million kroner, compared with 757.3 million kroner in the prior-year period, and total operating expenses declined year over year to 471.2 million kroner from 478.2 million kroner.

Reported net income rose 43.2% year over year to 318.6 million kroner, or 6.56 kroner per share, from 222.4 million kroner, or 4.59 kroner per share.

For the year, the company's normalized net income totaled 11.90 kroner per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 15.81 kroner.

EPS rose from 11.59 kroner in the prior year.

Normalized net income was 577.8 million kroner, a rise from 562.0 million kroner in the prior year.

Full-year total revenue increased 6.2% on an annual basis to 2.85 billion kroner from 2.68 billion kroner, and total operating expenses increased 7.7% on an annual basis to 1.93 billion kroner from 1.79 billion kroner.

The company said reported net income grew 25.2% year over year to 810.2 million kroner, or 16.69 kroner per share, in the full year, from 647.1 million kroner, or 13.34 kroner per share.

As of March 14, US$1 was equivalent to 6.71 Danish kroner.