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Nokian Renkaat Oyj profit beats consensus by 51.0% in Q1

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Nokian Renkaat Oyj profit beats consensus by 51.0% in Q1

Nokian Renkaat Oyj said its normalized net income for the first quarter came to 30 euro cents per share, compared with the S&P Capital IQ consensus estimate of 20 cents per share.

EPS increased 13.5% year over year from 26 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €39.7 million, an increase of 13.4% from €35.0 million in the prior-year period.

The normalized profit margin climbed to 14.1% from 11.2% in the year-earlier period.

Total revenue declined 9.8% year over year to €281.3 million from €311.9 million, and total operating expenses declined year over year to €232.9 million from €243.6 million.

Reported net income grew on an annual basis to €135.8 million, or €1.02 per share, from €38.8 million, or 29 cents per share.