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Arcos Dorados Holdings swings to loss in Q1

Arcos Dorados Holdings Inc. said its normalized net income for the first quarter was a loss of $11.9 million, compared with income of $1.7 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 2.2% from 0.2% in the year-earlier period.

Total revenue fell 15.3% on an annual basis to $775.1 million from $915.5 million, and total operating expenses declined 13.9% from the prior-year period to $753.8 million from $875.0 million.

Reported net income came to a loss of $27.3 million, or a loss of 13 cents per share, compared to a loss of $21.0 million, or a loss of 10 cents per share, in the prior-year period.