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Ekornes ASA profit misses consensus by 48.7% in Q4

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Ekornes ASA profit misses consensus by 48.7% in Q4

Ekornes ASA said its normalized net income for the fourth quarter was 1.03 Norwegian kroner per share, compared with the S&P Capital IQ consensus estimate of 2.00 kroner per share.

EPS increased 8.0% year over year from 95 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 37.7 million kroner, an increase of 8.2% from 34.9 million kroner in the year-earlier period.

The normalized profit margin increased to 10.3% from 4.9% in the year-earlier period.

Total revenue fell 7.2% year over year to 665.7 million kroner from 717.6 million kroner, and total operating expenses declined 6.1% year over year to 605.2 million kroner from 644.5 million kroner.

Reported net income grew 13.6% year over year to 30.7 million kroner, or 84 øre per share, from 27.1 million kroner, or 74 øre per share.

For the year, the company's normalized net income totaled 4.72 kroner per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 8.04 kroner.

EPS rose 12.0% from 4.22 kroner in the prior year.

Normalized net income was 173.9 million kroner, an increase of 12.0% from 155.3 million kroner in the prior year.

Full-year total revenue rose 17.9% on an annual basis to 3.17 billion kroner from 2.69 billion kroner, and total operating expenses rose 18.5% year over year to 2.87 billion kroner from 2.42 billion kroner.

The company said reported net income rose 15.0% on an annual basis to 184.1 million kroner, or 5.00 kroner per share, in the full year, from 160.1 million kroner, or 4.35 kroner per share.

As of April 11, US$1 was equivalent to 8.19 Norwegian kroner.