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Taylor Wimpey profit misses consensus by 20.7% in fiscal H1

Taylor Wimpey PLC said its normalized net income for the fiscal first half ended June 28 amounted to 5 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 6 pence per share.

EPS rose 36.1% year over year from 3 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £148.8 million, an increase of 33.4% from £111.5 million in the year-earlier period.

Total revenue increased 12.2% year over year to £1.34 billion from £1.19 billion, and total operating expenses increased 8.1% from the prior-year period to £1.08 billion from £1.00 billion.

Reported net income grew 20.9% year over year to £189.2 million, or 6 pence per share, from £156.4 million, or 5 pence per share.