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Fogo de Chao fiscal Q1 profit climbs 61.3% YOY

Fogo de Chao Inc. said its normalized net income for the fiscal first quarter ended March 29 came to 16 cents per share, a gain of 60.5% from 10 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.8 million, an increase of 61.3% from $2.3 million in the prior-year period.

The normalized profit margin climbed to 5.8% from 3.8% in the year-earlier period.

Total revenue grew 5.9% on an annual basis to $65.0 million from $61.3 million, and total operating expenses grew 5.0% year over year to $55.4 million from $52.8 million.

Reported net income rose 68.8% year over year to $4.7 million, or 20 cents per share, from $2.8 million, or 12 cents per share.