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Fomento Economico Mexicano profit misses consensus by 19.0% in Q2

Fomento Economico Mexicano SA said its second-quarter normalized net income was 92 Mexican centavos per share, compared with the S&P Capital IQ consensus estimate of 1.13 pesos per share.

EPS rose 19.4% year over year from 77 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.28 billion pesos, an increase of 19.4% from 2.75 billion pesos in the year-earlier period.

The normalized profit margin rose to 4.4% from 3.9% in the year-earlier period.

Total revenue climbed 6.0% on an annual basis to 75.12 billion pesos from 70.89 billion pesos, and total operating expenses rose 6.4% on an annual basis to 67.06 billion pesos from 63.03 billion pesos.

Reported net income rose 28.5% on an annual basis to 3.87 billion pesos, or 1.08 pesos per share, from 3.01 billion pesos, or 84 centavos per share.

As of July 23, US$1 was equivalent to 16.10 Mexican pesos.