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Gree Electric Appliances of Zhuhai profit beats consensus by 22.0% in Q1

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Gree Electric Appliances of Zhuhai profit beats consensus by 22.0% in Q1

Gree Electric Appliances Inc. of Zhuhai said its normalized net income for the first quarter amounted to 35 fen per share, compared with the S&P Capital IQ consensus estimate of 28 fen per share.

EPS declined 17.6% year over year from 42 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.10 billion yuan, a decrease of 17.3% from 2.54 billion yuan in the prior-year period.

The normalized profit margin dropped to 8.6% from 10.3% in the year-earlier period.

Total revenue totaled 24.51 billion yuan, compared with 24.67 billion yuan in the prior-year period, and total operating expenses climbed on an annual basis to 21.78 billion yuan from 21.53 billion yuan.

Reported net income rose 23.1% year over year to 2.78 billion yuan, or 46 fen per share, from 2.25 billion yuan, or 38 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.