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Legrand profit misses consensus by 19.4% in Q1

Legrand SA said its normalized net income for the first quarter came to 44 euro cents per share, compared with the S&P Capital IQ consensus estimate of 54 cents per share.

EPS increased year over year from 43 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €117.3 million, an increase from €114.8 million in the year-earlier period.

The normalized profit margin dropped to 10.1% from 10.6% in the year-earlier period.

Total revenue increased 7.4% year over year to €1.16 billion from €1.08 billion, and total operating expenses grew 8.6% from the prior-year period to €956.2 million from €880.3 million.

Reported net income increased on an annual basis to €127.4 million, or 47 cents per share, from €125.0 million, or 46 cents per share.