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Fortum profit misses consensus by 22.6% in Q3

Fortum Oyj said its third-quarter normalized net income amounted to 4 euro cents per share, compared with the S&P Capital IQ consensus estimate of 6 cents per share.

EPS rose 183.5% year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €38.3 million, an increase of 144.8% from €15.6 million in the prior-year period.

The normalized profit margin climbed to 4.1% from 2.1% in the year-earlier period.

Total revenue rose 25.3% year over year to €927.0 million from €740.0 million, and total operating expenses grew 22.5% year over year to €834.0 million from €681.0 million.

Reported net income totaled €357.0 million, or 40 cents per share, compared with a loss of €31.0 million, or a loss of 3 cents per share, in the prior-year period.