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Kongsberg Automotive profit beats consensusin Q4

Kongsberg Automotive ASA said its fourth-quarter normalized net income amounted to 4 euro cents per share, compared with the S&P Capital IQ consensus estimate of 1 cents per share.

The per-share result swung to a profit from the prior-year loss of 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €17.9 million, compared with a loss of €10.7 million in the year-earlier period.

The normalized profit margin increased to 2.3% from negative 4.5% in the year-earlier period.

Total revenue grew on an annual basis to €249.6 million from €240.3 million, and total operating expenses declined 8.3% year over year to €215.0 million from €234.5 million.

Reported net income came to a loss of €1.0 million, or a loss of 0 cents per share, compared to a loss of €18.4 million, or a loss of 5 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 4 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 12 cents.

EPS rose 65.5% from 2 cents in the prior year.

Normalized net income was €15.7 million, an increase of 36.3% from €11.5 million in the prior year.

Full-year total revenue grew on an annual basis to €1.02 billion from €979.1 million, and total operating expenses grew on an annual basis to €962.2 million from €924.2 million.

The company said reported net income totaled a loss of €8.4 million, or a loss of 2 cents per share, in the full year, compared with income of €5.1 million, or 1 cents per share, the prior year.