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Maersk Q1 profit falls YOY

A.P. Møller - Mærsk A/S said its first-quarter normalized net income amounted to $42.00 per share, compared with the S&P Capital IQ consensus estimate of $46.46 per share.

EPS fell 22.7% year over year from $54.37.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $902.6 million, a decrease of 24.0% from $1.19 billion in the year-earlier period.

The normalized profit margin fell to 8.6% from 10.1% in the year-earlier period.

Total revenue decreased 10.1% year over year to $10.55 billion from $11.74 billion, and total operating expenses fell 6.8% from the prior-year period to $9.06 billion from $9.72 billion.

Reported net income grew 43.4% year over year to $1.54 billion, or $71.62 per share, from $1.07 billion, or $49.10 per share.