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Beijer Electronics swings to loss in Q1

Beijer Electronics Group AB (publ) said its first-quarter normalized net income amounted to a loss of 21 Swedish öre per share, compared with the S&P Capital IQ consensus estimate of 27 öre per share.

The per-share result swung to a loss from the prior-year profit of 76 öre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.0 million kronor, compared with income of 14.5 million kronor in the year-earlier period.

The normalized profit margin declined to negative 1.4% from 4.1% in the year-earlier period.

Total revenue declined 20.3% year over year to 280.5 million kronor from 351.8 million kronor, and total operating expenses declined 12.1% on an annual basis to 286.0 million kronor from 325.2 million kronor.

Reported net income totaled a loss of 41.7 million kronor, or a loss of 2.19 kronor per share, compared to income of 15.3 million kronor, or 80 öre per share, in the year-earlier period.

As of April 26, US$1 was equivalent to 8.11 Swedish kronor.