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Swedish Match Q1 profit climbs 23.0% YOY

Swedish Match AB said its first-quarter normalized net income amounted to 2.87 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 3.35 kronor per share.

EPS climbed 25.1% year over year from 2.30 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 562.5 million kronor, an increase of 23.0% from 457.5 million kronor in the year-earlier period.

The normalized profit margin increased to 16.7% from 15.2% in the year-earlier period.

Total revenue rose 11.7% on an annual basis to 3.37 billion kronor from 3.01 billion kronor, and total operating expenses grew 13.4% year over year to 2.49 billion kronor from 2.20 billion kronor.

Reported net income increased 24.3% year over year to 720.8 million kronor, or 3.68 kronor per share, from 579.7 million kronor, or 2.91 kronor per share.

As of May 8, US$1 was equivalent to 8.24 Swedish kronor.