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Ingles Markets profit beats consensus by 54.3% in fiscal Q1

Ingles Markets Inc. said its normalized net income for the fiscal first quarter ended Dec. 27, 2014, was 80 cents per share, compared with the S&P Capital IQ consensus estimate of 52 cents per share.

EPS increased 92.7% year over year from 42 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $16.2 million, a gain of 71.5% from $9.5 million in the year-earlier period.

The normalized profit margin rose to 1.7% from 1.0% in the year-earlier period.

Total revenue rose on an annual basis to $964.5 million from $945.1 million, and total operating expenses came to $927.1 million, compared with $919.0 million in the prior-year period.

Reported net income rose 56.8% from the prior-year period to $15.0 million, or 74 cents per share, from $9.6 million, or 42 cents per share.