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ZTE Crop. profit beats consensus by 16.6% in Q1

ZTE Corp. said its normalized net income for the first quarter was 29 fen per share, compared with the S&P Capital IQ consensus estimate of 25 fen per share.

EPS climbed 28.1% year over year from 23 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.35 billion yuan, an increase of 26.5% from 1.06 billion yuan in the year-earlier period.

The normalized profit margin increased to 5.2% from 4.9% in the year-earlier period.

Total revenue climbed 17.8% on an annual basis to 25.74 billion yuan from 21.86 billion yuan, and total operating expenses grew 16.1% year over year to 24.49 billion yuan from 21.09 billion yuan.

Reported net income increased 24.6% year over year to 1.34 billion yuan, or 29 fen per share, from 1.07 billion yuan, or 23 fen per share.

As of April 17, US$1 was equivalent to 6.89 yuan.