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Arcos Dorados Holdings swings to profit in Q2

Arcos Dorados Holdings Inc. said its normalized net income for the second quarter amounted to $297,130, compared with a loss of $45.9 million in the prior-year period.

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

The normalized profit margin climbed to 0.0% from negative 5.0% in the year-earlier period.

Total revenue fell 17.3% on an annual basis to $759.0 million from $917.9 million, and total operating expenses decreased 20.5% from the prior-year period to $745.1 million from $936.9 million.

Reported net income came to $6.3 million, or 3 cents per share, compared to a loss of $98.9 million, or a loss of 47 cents per share, in the year-earlier period.