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Nexen Tire profit misses consensus by 16.0% in Q4

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Nexen Tire profit misses consensus by 16.0% in Q4

Nexen Tire Corp. said its normalized net income for the fourth quarter was 329.84 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 392.60 won per share.

EPS climbed 41.5% year over year from 233.05 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.31 billion won, an increase of 32.3% from 23.66 billion won in the year-earlier period.

The normalized profit margin increased to 6.9% from 5.4% in the year-earlier period.

Total revenue increased year over year to 456.14 billion won from 436.98 billion won, and total operating expenses grew from the prior-year period to 390.07 billion won from 380.58 billion won.

Reported net income fell on an annual basis to 38.28 billion won, or 403.27 won per share, from 39.94 billion won, or 393.41 won per share.

For the year, the company's normalized net income totaled 1,072.43 won per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1,288.74 won.

EPS rose 6.8% from 1,004.34 won in the prior year.

Normalized net income was 101.79 billion won, compared with 101.37 billion won in the prior year.

Full-year total revenue grew year over year to 1.837 trillion won from 1.759 trillion won, and total operating expenses grew year over year to 1.613 trillion won from 1.550 trillion won.

The company said reported net income declined 8.8% on an annual basis to 117.16 billion won, or 1,234.41 won per share, in the full year, from 128.49 billion won, or 1,273.00 won per share.

As of Feb. 5, US$1 was equivalent to 1,205.47 South Korean won.