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Qingdao Haier profit misses consensus by 17.1% in Q4

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Qingdao Haier profit misses consensus by 17.1% in Q4

Qingdao Haier Co. Ltd. said its fourth-quarter normalized net income amounted to 8 fen per share, compared with the S&P Capital IQ consensus estimate of 10 fen per share.

EPS fell 25.6% year over year from 11 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 510.0 million yuan, a decrease of 24.0% from 671.2 million yuan in the prior-year period.

The normalized profit margin dropped to 1.3% from 2.5% in the year-earlier period.

Total revenue increased year over year to 27.11 billion yuan from 26.44 billion yuan, and total operating expenses rose 6.6% year over year to 26.53 billion yuan from 24.89 billion yuan.

Reported net income declined 22.5% from the prior-year period to 869.4 million yuan, or 14 fen per share, from 1.12 billion yuan, or 19 fen per share.

For the year, the company's normalized net income totaled 45 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 68 fen.

EPS declined 28.0% from 62 fen in the prior year.

Normalized net income was 2.73 billion yuan, a decline of 23.3% from 3.56 billion yuan in the prior year.

Full-year total revenue decreased 7.4% from the prior-year period to 89.75 billion yuan from 96.93 billion yuan, and total operating expenses declined 5.7% year over year to 85.02 billion yuan from 90.17 billion yuan.

The company said reported net income fell 19.4% year over year to 4.30 billion yuan, or 71 fen per share, in the full year, from 5.34 billion yuan, or 93 fen per share.

As of Feb. 29, US$1 was equivalent to 6.56 yuan.