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ZTE Crop. profit beats consensus by 39.1% in Q3

ZTE Corp. said its third-quarter normalized net income came to 34 fen per share, compared with the S&P Capital IQ consensus estimate of 24 fen per share.

EPS climbed 33.7% year over year from 25 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.47 billion yuan, a gain of 38.6% from 1.06 billion yuan in the year-earlier period.

The normalized profit margin increased to 6.5% from 4.5% in the year-earlier period.

Total revenue fell 5.2% on an annual basis to 22.57 billion yuan from 23.81 billion yuan, and total operating expenses decreased 5.6% on an annual basis to 22.18 billion yuan from 23.49 billion yuan.

Reported net income grew 47.5% from the prior-year period to 1.61 billion yuan, or 37 fen per share, from 1.09 billion yuan, or 26 fen per share.

As of Oct. 26, US$1 was equivalent to 6.63 yuan.