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OMV AG profit misses consensus by 31.0% in Q2

OMV AG said its normalized net income for the second quarter came to 65 euro cents per share, compared with the S&P Capital IQ consensus estimate of 94 cents per share.

The per-share result swung to a profit from the prior-year loss of 51 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €211.3 million, compared with a loss of €167.5 million in the year-earlier period.

The normalized profit margin climbed to 4.2% from negative 3.7% in the year-earlier period.

Total revenue rose 11.7% year over year to €5.07 billion from €4.54 billion, and total operating expenses decreased on an annual basis to €4.73 billion from €4.93 billion.

Reported net income totaled a loss of €1.03 billion, or a loss of €3.15 per share, compared with a loss of €168.0 million, or a loss of 51 cents per share, in the year-earlier period.