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Banking Essentials Newsletter: 17th April Edition

Cloetta AB profit misses consensus by 41.2% in Q1

Cloetta AB said its first-quarter normalized net income was 14 Swedish öre per share, compared with the S&P Capital IQ consensus estimate of 23 öre per share.

EPS rose 47.8% year over year from 9 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 38.8 million kronor, a gain of 47.6% from 26.3 million kronor in the prior-year period.

The normalized profit margin increased to 4.2% from 2.0% in the year-earlier period.

Total revenue increased on an annual basis to 1.36 billion kronor from 1.31 billion kronor, and total operating expenses rose year over year to 1.25 billion kronor from 1.22 billion kronor.

Reported net income increased 24.9% from the prior-year period to 43.0 million kronor, or 15 öre per share, from 34.4 million kronor, or 12 öre per share.

As of April 21, US$1 was equivalent to 8.11 Swedish kronor.