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MTY Food profit misses consensus by 28.1% in fiscal Q1

MTY Food Group Inc. said its normalized net income for the fiscal first quarter ended Feb. 28 amounted to 28 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 39 cents per share.

EPS climbed 10.9% year over year from 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$5.3 million, a gain of 10.9% from C$4.8 million in the prior-year period.

The normalized profit margin dropped to 16.2% from 18.6% in the year-earlier period.

Total revenue rose 26.4% on an annual basis to C$32.4 million from C$25.6 million, and total operating expenses climbed 34.3% year over year to C$23.9 million from C$17.8 million.

Reported net income increased 13.4% from the prior-year period to C$6.3 million, or 33 cents per share, from C$5.5 million, or 29 cents per share.