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AutoCanada Q1 profit falls 41.5% YOY

AutoCanada Inc. said its normalized net income for the first quarter amounted to 17 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 15 cents per share.

EPS declined 48.3% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$4.1 million, a decline of 41.5% from C$7.0 million in the year-earlier period.

The normalized profit margin fell to 0.6% from 1.9% in the year-earlier period.

Total revenue climbed 74.0% year over year to C$633.4 million from C$363.9 million, and total operating expenses grew 76.5% from the prior-year period to C$619.2 million from C$350.9 million.

Reported net income decreased 40.5% from the prior-year period to C$4.9 million, or 20 cents per share, from C$8.2 million, or 38 cents per share.