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Giant Manufacturing profit misses consensus by 37.0% in Q4

Giant Manufacturing Co. Ltd. said its normalized net income for the fourth quarter was NT$1.58 per share, compared with the S&P Capital IQ consensus estimate of NT$2.51 per share.

EPS fell 23.3% year over year from NT$2.07.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$605.7 million, a decrease of 21.8% from NT$775.0 million in the year-earlier period.

The normalized profit margin declined to 4.6% from 5.5% in the year-earlier period.

Total revenue declined 6.4% year over year to NT$13.11 billion from NT$14.01 billion, and total operating expenses fell 6.2% on an annual basis to NT$12.32 billion from NT$13.13 billion.

Reported net income fell 18.8% on an annual basis to NT$847.1 million, or NT$2.22 per share, from NT$1.04 billion, or NT$2.78 per share.

For the year, the company's normalized net income totaled NT$8.67 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of NT$10.48.

EPS declined 7.3% from NT$9.35 in the prior year.

Normalized net income was NT$3.27 billion, a decrease of 6.8% from NT$3.51 billion in the prior year.

Full-year total revenue amounted to NT$60.42 billion, compared with NT$60.05 billion in the prior year, and total operating expenses came to NT$55.56 billion, compared with NT$55.12 billion in the prior-year period.

The company said reported net income decreased 6.5% on an annual basis to NT$3.84 billion, or NT$10.20 per share, in the full year, from NT$4.11 billion, or NT$10.96 per share.

As of March 30, US$1 was equivalent to NT$32.18.