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Qingdao Haier profit misses consensus by 23.2% in Q1

Qingdao Haier Co. Ltd. said its normalized net income for the first quarter was 12 fen per share, compared with the S&P Capital IQ consensus estimate of 15 fen per share.

EPS rose year over year from 11 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 701.1 million yuan, an increase of 14.5% from 612.3 million yuan in the prior-year period.

The normalized profit margin rose to 3.4% from 2.7% in the year-earlier period.

Total revenue declined year over year to 21.87 billion yuan from 22.43 billion yuan, and total operating expenses fell on an annual basis to 20.57 billion yuan from 21.27 billion yuan.

Reported net income rose 13.1% on an annual basis to 979.3 million yuan, or 16 fen per share, from 865.8 million yuan, or 16 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.