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Arcelik AS profit misses consensus by 19.3% in Q1

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Arcelik AS profit misses consensus by 19.3% in Q1

Arcelik AS said its first-quarter normalized net income came to 11 kurus per share, compared with the S&P Capital IQ consensus estimate of 14 kurus per share.

EPS fell 21.8% year over year from 14 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 76.4 million lira, a decline of 21.8% from 97.6 million lira in the prior-year period.

The normalized profit margin declined to 2.7% from 3.5% in the year-earlier period.

Total revenue climbed year over year to 2.87 billion lira from 2.80 billion lira, and total operating expenses climbed year over year to 2.69 billion lira from 2.60 billion lira.

Reported net income increased 7.9% on an annual basis to 141.5 million lira, or 21 kurus per share, from 131.2 million lira, or 19 kurus per share.

As of April 29, US$1 was equivalent to 2.65 Turkish lira.