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AAC Technologies Holdings profit misses consensus by 31.6% in Q1

AAC Technologies Holdings Inc. said its first-quarter normalized net income came to 34 fen per share, compared with the S&P Capital IQ consensus estimate of 50 fen per share.

EPS increased 22.4% year over year from 28 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 416.1 million yuan, a gain of 22.4% from 339.9 million yuan in the prior-year period.

The normalized profit margin dropped to 18.1% from 18.3% in the year-earlier period.

Total revenue increased 24.3% on an annual basis to 2.30 billion yuan from 1.85 billion yuan, and total operating expenses rose 25.7% on an annual basis to 1.68 billion yuan from 1.33 billion yuan.

Reported net income increased 24.5% year over year to 606.2 million yuan, or 49 fen per share, from 487.0 million yuan, or 40 fen per share.

As of May 11, US$1 was equivalent to 6.21 yuan.