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Constellation Software profit misses consensus by 57.9% in Q2

Constellation Software Inc. said its second-quarter normalized net income amounted to $2.28 per share, compared with the S&P Capital IQ consensus estimate of $5.42 per share.

EPS climbed year over year from $2.22.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $48.3 million, a gain from $47.0 million in the prior-year period.

The normalized profit margin fell to 8.1% from 8.9% in the year-earlier period.

Total revenue rose 13.5% year over year to $600.1 million from $528.7 million, and total operating expenses rose 13.8% from the prior-year period to $501.2 million from $440.3 million.

Reported net income declined 7.3% from the prior-year period to $51.1 million, or $2.41 per share, from $55.1 million, or $2.60 per share.