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Neste Q1 profit climbs 545.9% YOY

Neste Oyj said its normalized net income for the first quarter came to 50 euro cents per share, compared with the S&P Capital IQ consensus estimate of 46 cents per share.

EPS climbed 547.3% year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €126.8 million, an increase of 545.9% from €19.6 million in the prior-year period.

The normalized profit margin climbed to 4.6% from 0.6% in the year-earlier period.

Total revenue decreased 21.8% on an annual basis to €2.74 billion from €3.51 billion, and total operating expenses fell 24.7% year over year to €2.60 billion from €3.46 billion.

Reported net income increased 620.0% year over year to €180.0 million, or 70 cents per share, from €25.0 million, or 10 cents per share.