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Hon Hai Precision Industry profit misses consensus by 20.7% in Q1

Hon Hai Precision Industry Co., Ltd. said its first-quarter normalized net income came to NT$1.31 per share, compared with the S&P Capital IQ consensus estimate of NT$1.65 per share.

EPS fell 11.9% year over year from NT$1.48.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$22.71 billion, a decline of 11.3% from NT$25.60 billion in the year-earlier period.

The normalized profit margin fell to 2.4% from 2.5% in the year-earlier period.

Total revenue fell 5.5% year over year to NT$958.01 billion from NT$1.014 trillion, and total operating expenses fell 5.4% from the prior-year period to NT$922.68 billion from NT$975.52 billion.

Reported net income fell 9.1% from the prior-year period to NT$27.63 billion, or NT$1.59 per share, from NT$30.41 billion, or NT$1.76 per share.

As of May 16, US$1 was equivalent to NT$32.63.