Cia. Hering said its normalized net income for the first quarter was 19 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 40 centavos per share.
EPS decreased 46.8% year over year from 36 centavos.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.6 million reais, a decline of 46.6% from 59.1 million reais in the year-earlier period.
The normalized profit margin fell to 9.1% from 15.0% in the year-earlier period.
Total revenue fell 12.0% year over year to 347.0 million reais from 394.4 million reais, and total operating expenses came to 308.9 million reais, compared with 306.6 million reais in the year-earlier period.
Reported net income declined 35.7% on an annual basis to 41.5 million reais, or 25 centavos per share, from 64.6 million reais, or 39 centavos per share.
As of May 7, US$1 was equivalent to 3.05 reais.
