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Novozymes profit misses consensus by 16.1% in Q3

Novozymes A/S said its normalized net income for the third quarter came to 1.94 Danish kroner per share, compared with the S&P Capital IQ consensus estimate of 2.31 kroner per share.

EPS climbed 17.4% year over year from 1.65 kroner.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 599.4 million kroner, a gain of 15.4% from 519.5 million kroner in the prior-year period.

The normalized profit margin rose to 17.0% from 16.3% in the year-earlier period.

Total revenue grew 10.6% year over year to 3.52 billion kroner from 3.18 billion kroner, and total operating expenses rose 6.6% from the prior-year period to 2.51 billion kroner from 2.35 billion kroner.

Reported net income increased 16.7% on an annual basis to 744.4 million kroner, or 2.41 kroner per share, from 637.8 million kroner, or 2.03 kroner per share.

As of Oct. 22, US$1 was equivalent to 6.68 Danish kroner.