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HOCHTIEF Q1 profit climbs 23.5% YOY

HOCHTIEF AG said its normalized net income for the first quarter was €1.09 per share, compared with the S&P Capital IQ consensus estimate of €1.03 per share.

EPS increased 30.4% year over year from 83 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €69.9 million, an increase of 23.5% from €56.6 million in the year-earlier period.

The normalized profit margin rose to 1.6% from 1.1% in the year-earlier period.

Total revenue declined 12.7% on an annual basis to €4.41 billion from €5.06 billion, and total operating expenses decreased 12.7% on an annual basis to €4.29 billion from €4.91 billion.

Reported net income increased 22.2% year over year to €63.3 million, or 98 cents per share, from €51.8 million, or 76 cents per share.