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National Grid profit misses consensus by 26.9% in fiscal H1

National Grid plc said its normalized net income for the fiscal first half ended Sept. 30 was 15 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 20 pence per share.

EPS decreased 11.7% year over year from 17 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £528.4 million, a decline of 9.5% from £583.6 million in the year-earlier period.

Total revenue increased 6.4% year over year to £6.68 billion from £6.28 billion, and total operating expenses grew 12.1% year over year to £5.44 billion from £4.86 billion.

Reported net income fell 17.1% year over year to £689.5 million, or 19 pence per share, from £831.6 million, or 24 pence per share.