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Greencore Group profit misses consensus by 48.4% in fiscal H2

Greencore Group PLC said its normalized net income for the fiscal second half ended Sept. 25 came to 5 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 10 pence per share.

EPS climbed 11.9% year over year from 5 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £21.9 million, an increase of 11.1% from £19.7 million in the year-earlier period.

Total revenue climbed 7.2% on an annual basis to £700.5 million from £653.7 million, and total operating expenses climbed 6.0% on an annual basis to £655.6 million from £618.5 million.

Reported net income fell 9.3% on an annual basis to £32.6 million, or 8 pence per share, from £35.9 million, or 9 pence per share.

For the year, the company's normalized net income totaled 9 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 18 pence.

EPS rose 10.4% from 8 pence in the prior year.

Normalized net income was £38.3 million, a rise of 10.8% from £34.5 million in the prior year.

Full-year total revenue rose 5.2% year over year to £1.34 billion from £1.27 billion, and total operating expenses rose year over year to £1.26 billion from £1.21 billion.

The company said reported net income increased 22.1% on an annual basis to £57.9 million, or 14 pence per share, in the full year, from £47.4 million, or 12 pence per share.