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Chian Hsing Forging profit misses consensus by 15.3% in Q3

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Chian Hsing Forging profit misses consensus by 15.3% in Q3

Chian Hsing Forging Industrial Co. Ltd. said its normalized net income for the third quarter came to 67 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 80 cents per share.

EPS decreased 5.6% year over year from 71 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$51.5 million, a decrease of 5.6% from NT$54.6 million in the prior-year period.

The normalized profit margin fell to 9.4% from 12.1% in the year-earlier period.

Total revenue rose 20.9% on an annual basis to NT$547.5 million from NT$453.0 million, and total operating expenses climbed 21.7% year over year to NT$469.7 million from NT$386.1 million.

Reported net income fell on an annual basis to NT$62.8 million, or 82 cents per share, from NT$65.8 million, or 86 cents per share.

As of Nov. 11, US$1 was equivalent to NT$32.72.