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Empire Co. profit misses consensus by 21.1% in fiscal Q2

Empire Co. Ltd. said its normalized net income for the fiscal second quarter ended Nov. 1 came to 35 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 45 cents per share.

EPS increased 20.4% year over year from 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$97.2 million, an increase of 62.9% from C$59.7 million in the year-earlier period.

The normalized profit margin increased to 1.5% from 1.3% in the year-earlier period.

Total revenue increased 35.8% year over year to C$6.02 billion from C$4.44 billion, and total operating expenses grew 34.7% on an annual basis to C$5.82 billion from C$4.32 billion.

Reported net income increased 94.3% year over year to C$117.3 million, or 42 cents per share, from C$60.3 million, or 29 cents per share.