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SalMar profit misses consensus by 37.8% in Q1

SalMar ASA said its first-quarter normalized net income came to 1.41 Norwegian kroner per share, compared with the S&P Capital IQ consensus estimate of 2.27 kroner per share.

EPS decreased 14.1% year over year from 1.64 kroner.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 159.6 million kroner, a decrease of 14.2% from 185.9 million kroner in the prior-year period.

The normalized profit margin fell to 9.9% from 11.4% in the year-earlier period.

Total revenue came to 1.61 billion kroner, compared with 1.63 billion kroner in the year-earlier period, and total operating expenses grew 5.8% year over year to 1.41 billion kroner from 1.33 billion kroner.

Reported net income decreased on an annual basis to 218.6 million kroner, or 1.93 kroner per share, from 222.2 million kroner, or 1.96 kroner per share.

As of May 20, US$1 was equivalent to 7.57 Norwegian kroner.