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AAK AB Q4 profit climbs 49.7% YOY

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AAK AB Q4 profit climbs 49.7% YOY

AAK said its normalized net income for the fourth quarter came to 6.38 Swedish kronor per share, compared with the S&P Capital IQ consensus estimate of 6.47 kronor per share.

EPS increased 49.9% year over year from 4.25 kronor.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 269.8 million kronor, a gain of 49.7% from 180.3 million kronor in the year-earlier period.

The normalized profit margin increased to 4.3% from 3.4% in the year-earlier period.

Total revenue grew 20.1% on an annual basis to 6.33 billion kronor from 5.27 billion kronor, and total operating expenses increased 18.3% from the prior-year period to 5.84 billion kronor from 4.94 billion kronor.

Reported net income rose 18.9% on an annual basis to 283.0 million kronor, or 6.69 kronor per share, from 238.0 million kronor, or 5.62 kronor per share.

For the year, the company's normalized net income totaled 20.98 kronor per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 23.94 kronor.

EPS rose 14.9% from 18.26 kronor in the prior year.

Normalized net income was 887.4 million kronor, an increase of 15.4% from 768.6 million kronor in the prior year.

Full-year total revenue grew 9.7% on an annual basis to 22.06 billion kronor from 20.11 billion kronor, and total operating expenses increased 8.8% on an annual basis to 20.41 billion kronor from 18.75 billion kronor.

The company said reported net income rose 7.5% year over year to 1.00 billion kronor, or 23.71 kronor per share, in the full year, from 933.0 million kronor, or 22.16 kronor per share.

As of April 19, US$1 was equivalent to 8.98 Swedish kronor.