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Hon Hai Precision Industry Q1 profit climbs 64.0% YOY

Hon Hai Precision Industry Co., Ltd. said its normalized net income for the first quarter amounted to NT$1.48 per share, compared with the S&P Capital IQ consensus estimate of NT$1.62 per share.

EPS rose 63.0% year over year from 91 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$25.60 billion, an increase of 64.0% from NT$15.61 billion in the year-earlier period.

The normalized profit margin increased to 2.5% from 1.8% in the year-earlier period.

Total revenue rose 14.8% year over year to NT$1.014 trillion from NT$883.48 billion, and total operating expenses increased 13.1% on an annual basis to NT$975.52 billion from NT$862.57 billion.

Reported net income grew 54.7% from the prior-year period to NT$30.32 billion, or NT$1.76 per share, from NT$19.59 billion, or NT$1.14 per share.

As of May 15, US$1 was equivalent to NT$30.44.