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Neste profit misses consensus by 37.1% in Q2

Neste Oyj said its second-quarter normalized net income was 13 euro cents per share, compared with the S&P Capital IQ consensus estimate of 20 cents per share.

EPS rose 9.8% year over year from 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €32.5 million, an increase of 9.7% from €29.6 million in the prior-year period.

The normalized profit margin increased to 1.2% from 0.7% in the year-earlier period.

Total revenue declined 36.5% year over year to €2.60 billion from €4.10 billion, and total operating expenses declined 37.1% on an annual basis to €2.54 billion from €4.04 billion.

Reported net income increased 7.7% year over year to €42.0 million, or 16 cents per share, from €39.0 million, or 15 cents per share.