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George Weston fiscal Q1 profit climbs 55.2% YOY

George Weston Ltd said its normalized net income for the fiscal first quarter ended March 28 was C$1.06 per share, compared with the S&P Capital IQ consensus estimate of C$1.19 per share.

EPS increased 55.0% year over year from 68 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$135.4 million, a gain of 55.2% from C$87.3 million in the year-earlier period.

The normalized profit margin climbed to 1.3% from 1.1% in the year-earlier period.

Total revenue grew 36.7% year over year to C$10.41 billion from C$7.61 billion, and total operating expenses grew 36.7% year over year to C$9.89 billion from C$7.24 billion.

Reported net income grew 44.6% from the prior-year period to C$157.6 million, or C$1.23 per share, from C$109.0 million, or 85 cents per share.