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Snam Q1 profit climbs 28.0% YOY

Snam SpA said its normalized net income for the first quarter was 5 euro cents per share, a gain of 30.1% from 4 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €185.6 million, a gain of 28.0% from €145.0 million in the prior-year period.

The normalized profit margin rose to 29.6% from 24.3% in the year-earlier period.

Total revenue climbed 5.2% on an annual basis to €628.0 million from €597.0 million, and total operating expenses declined from the prior-year period to €275.0 million from €280.0 million.

Reported net income grew 41.1% on an annual basis to €254.0 million, or 7 cents per share, from €180.0 million, or 5 cents per share.