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Leoni AG swings to loss in Q3

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Leoni AG swings to loss in Q3

LEONI AG said its normalized net income for the third quarter amounted to a loss of 36 euro cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 56 cents per share.

The per-share result swung to a loss from the prior-year profit of 45 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €11.6 million, compared with income of €14.7 million in the year-earlier period.

The normalized profit margin fell to negative 1.1% from 1.3% in the year-earlier period.

Total revenue declined year over year to €1.07 billion from €1.11 billion, and total operating expenses totaled €1.09 billion, compared with €1.08 billion in the prior-year period.

Reported net income totaled a loss of €24.4 million, or a loss of 75 cents per share, compared to income of €15.6 million, or 48 cents per share, in the prior-year period.