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AAC Technologies Holdings profit misses consensus by 26.4% in Q1

AAC Technologies Holdings Inc. said its normalized net income for the first quarter was 62 fen per share, compared with the S&P Capital IQ consensus estimate of 85 fen per share.

EPS rose 85.0% year over year from 34 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 766.4 million yuan, a gain of 85.0% from 414.3 million yuan in the prior-year period.

The normalized profit margin increased to 18.2% from 16.3% in the year-earlier period.

Total revenue increased 65.6% on an annual basis to 4.22 billion yuan from 2.54 billion yuan, and total operating expenses rose 57.4% year over year to 2.99 billion yuan from 1.90 billion yuan.

Reported net income grew 71.6% year over year to 1.06 billion yuan, or 86 fen per share, from 618.7 million yuan, or 50 fen per share.

As of May 12, US$1 was equivalent to 6.90 yuan.