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Kongsberg Automotive profit misses consensus by 52.4% in Q1

Kongsberg Automotive ASA said its normalized net income for the first quarter came to €5.6 million, a decrease of 41.6% from €9.6 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 2.1% from 3.8% in the year-earlier period.

Total revenue grew 5.6% on an annual basis to €270.0 million from €255.8 million, and total operating expenses increased 6.6% on an annual basis to €253.4 million from €237.7 million.

Reported net income fell 48.2% year over year to €5.9 million, or 1 cent per share, from €11.4 million, or 3 cents per share.