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Finnveden Holding profit misses consensus by 24.1% in Q2

Finnveden Holding AB said its normalized net income for the second quarter amounted to 1.23 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 1.61 kronor per share.

EPS increased 9.3% year over year from 1.12 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 25.8 million kronor, a gain of 9.3% from 23.6 million kronor in the year-earlier period.

The normalized profit margin rose to 4.0% from 3.8% in the year-earlier period.

Total revenue rose 12.5% on an annual basis to 695.8 million kronor from 618.4 million kronor, and total operating expenses rose 12.7% on an annual basis to 654.8 million kronor from 581.0 million kronor.

Reported net income grew 29.2% year over year to 35.4 million kronor, or 1.68 kronor per share, from 27.4 million kronor, or 1.30 kronor per share.

As of July 10, US$1 was equivalent to 8.40 Swedish kronor.