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Leoni AG profit misses consensus by 16.5% in Q3

Leoni AG said its third-quarter normalized net income amounted to 45 euro cents per share, compared with the S&P Capital IQ consensus estimate of 54 cents per share.

EPS fell 9.0% year over year from 50 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €14.7 million, a decline of 9.0% from €16.2 million in the prior-year period.

The normalized profit margin fell to 1.3% from 1.6% in the year-earlier period.

Total revenue grew 9.7% on an annual basis to €1.11 billion from €1.01 billion, and total operating expenses grew 10.5% year over year to €1.08 billion from €979.1 million.

Reported net income fell on an annual basis to €15.6 million, or 48 cents per share, from €16.0 million, or 49 cents per share.