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Grieg Seafood profit beats consensus by 39.8% in Q1

Grieg Seafood ASA said its first-quarter normalized net income came to 1.28 Norwegian kroner per share, compared with the S&P Capital IQ consensus estimate of 92 øre per share.

The per-share result swung to a profit from the prior-year loss of 43 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 142.1 million kroner, compared with a loss of 47.0 million kroner in the year-earlier period.

The normalized profit margin rose to 11.2% from negative 4.6% in the year-earlier period.

Total revenue grew 23.7% year over year to 1.27 billion kroner from 1.02 billion kroner, and total operating expenses fell 8.7% year over year to 978.3 million kroner from 1.07 billion kroner.

Reported net income came to 179.3 million kroner, or 1.62 kroner per share, compared to a loss of 56.3 million kroner, or a loss of 51 øre per share, in the prior-year period.

As of May 12, US$1 was equivalent to 8.13 Norwegian kroner.