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Arcos Dorados Holdings swings to profit in Q1

Arcos Dorados Holdings Inc. said its first-quarter normalized net income was 7 cents per share, compared with a loss of 8 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $15.2 million, compared with a loss of $16.9 million in the year-earlier period.

The normalized profit margin rose to 2.3% from negative 2.2% in the year-earlier period.

Total revenue fell 15.0% on an annual basis to $658.5 million from $775.1 million, and total operating expenses fell 16.5% from the prior-year period to $636.3 million from $761.9 million.

Reported net income came to $16.8 million, or 8 cents per share, compared to a loss of $27.3 million, or a loss of 13 cents per share, in the prior-year period.