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Solvay profit misses consensus by 19.6% in Q1

Solvay SA said its normalized net income for the first quarter amounted to €1.55 per share, compared with the S&P Capital IQ consensus estimate of €1.93 per share.

EPS increased 103.0% year over year from 77 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €161.5 million, an increase of 111.1% from €76.5 million in the prior-year period.

The normalized profit margin climbed to 5.1% from 2.7% in the year-earlier period.

Total revenue grew 11.8% year over year to €3.16 billion from €2.83 billion, and total operating expenses rose 7.3% on an annual basis to €2.82 billion from €2.63 billion.

Reported net income totaled €199.0 million, or €1.91 per share, compared with a loss of €16.0 million, or a loss of 16 cents per share, in the year-earlier period.