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Bakkafrost profit misses consensus by 25.8% in Q1

P/F Bakkafrost said its normalized net income for the first quarter amounted to 2.13 Danish kroner per share, compared with the S&P Capital IQ consensus estimate of 2.86 kroner per share.

EPS rose 41.1% year over year from 1.51 kroner.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 103.8 million kroner, an increase of 40.8% from 73.8 million kroner in the year-earlier period.

The normalized profit margin climbed to 16.9% from 11.7% in the year-earlier period.

Total revenue decreased on an annual basis to 613.2 million kroner from 631.3 million kroner, and total operating expenses declined 11.3% year over year to 433.3 million kroner from 488.7 million kroner.

Reported net income increased 51.9% year over year to 132.4 million kroner, or 2.71 kroner per share, from 87.2 million kroner, or 1.78 kroner per share.

As of May 12, US$1 was equivalent to 6.64 Danish kroner.