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Constellation Software profit misses consensus by 60.3% in Q3

Constellation Software Inc. said its third-quarter normalized net income was $2.34 per share, compared with the S&P Capital IQ consensus estimate of $5.89 per share.

EPS decreased 15.2% year over year from $2.76.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $49.5 million, a decline of 15.2% from $58.4 million in the year-earlier period.

The normalized profit margin fell to 7.8% from 10.7% in the year-earlier period.

Total revenue climbed 16.6% year over year to $636.5 million from $545.6 million, and total operating expenses rose 18.8% on an annual basis to $530.5 million from $446.6 million.

Reported net income fell 19.5% year over year to $54.3 million, or $2.56 per share, from $67.4 million, or $3.18 per share.