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Industrias Bachoco Q2 profit climbs 27.0% YOY

Industrias Bachoco SAB de CV said its second-quarter normalized net income came to 25.20 Mexican pesos per share, compared with the S&P Capital IQ consensus estimate of 26.61 pesos per share.

EPS climbed 27.1% year over year from 19.82 pesos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.26 billion pesos, an increase of 27.0% from 991.5 million pesos in the prior-year period.

The normalized profit margin climbed to 10.6% from 9.3% in the year-earlier period.

Total revenue increased 11.6% on an annual basis to 11.84 billion pesos from 10.61 billion pesos, and total operating expenses climbed 9.6% from the prior-year period to 9.95 billion pesos from 9.08 billion pesos.

Reported net income increased 28.3% on an annual basis to 1.39 billion pesos, or 27.90 pesos per share, from 1.09 billion pesos, or 21.72 pesos per share.

As of July 23, US$1 was equivalent to 16.10 Mexican pesos.