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Nemak profit misses consensus by 26.6% in Q2

Nemak SAB de CV said its normalized net income for the second quarter came to 37 Mexican centavos per share, compared with the S&P Capital IQ consensus estimate of 50 centavos per share.

EPS rose year over year from 35 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.10 billion pesos, an increase of 26.8% from 871.0 million pesos in the prior-year period.

The normalized profit margin climbed to 6.2% from 5.6% in the year-earlier period.

Total revenue climbed 14.4% year over year to 17.87 billion pesos from 15.63 billion pesos, and total operating expenses climbed 13.2% from the prior-year period to 15.87 billion pesos from 14.02 billion pesos.

Reported net income grew 36.9% year over year to 1.18 billion pesos, or 39 centavos per share, from 861.0 million pesos, or 35 centavos per share.

As of July 21, US$1 was equivalent to 15.97 Mexican pesos.