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Weyco Group profit beats consensus by 33.5% in Q3

Weyco Group Inc. said its normalized net income for the third quarter came to 44 cents per share, compared with the S&P Capital IQ consensus estimate of 33 cents per share.

EPS decreased 14.8% year over year from 52 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.6 million, a decline of 17.7% from $5.6 million in the year-earlier period.

The normalized profit margin fell to 5.9% from 6.2% in the year-earlier period.

Total revenue fell 13.3% year over year to $79.1 million from $91.2 million, and total operating expenses fell 12.6% from the prior-year period to $71.7 million from $82.1 million.

Reported net income decreased 16.6% year over year to $4.6 million, or 44 cents per share, from $5.6 million, or 51 cents per share.