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Taylor Wimpey profit misses consensus by 27.4% in fiscal H1

Taylor Wimpey plc said its normalized net income for the fiscal first half ended July 3 was 5 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 7 pence per share.

EPS increased 11.5% year over year from 5 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £166.6 million, a gain of 12.0% from £148.8 million in the first half ended June 28, 2015.

Total revenue grew 9.1% on an annual basis to £1.46 billion from £1.34 billion, and total operating expenses increased 8.9% from the prior-year period to £1.18 billion from £1.08 billion.

Reported net income rose 14.3% on an annual basis to £216.3 million, or 7 pence per share, from £189.2 million, or 6 pence per share.