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Grendene Q1 profit climbs 45.2% YOY

Grendene SA said its first-quarter normalized net income was 31 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 33 centavos per share.

EPS rose 45.1% year over year from 21 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 93.7 million reais, an increase of 45.2% from 64.5 million reais in the prior-year period.

The normalized profit margin rose to 17.6% from 13.1% in the year-earlier period.

Total revenue increased 7.8% on an annual basis to 532.3 million reais from 493.8 million reais, and total operating expenses totaled 423.1 million reais, compared with 421.4 million reais in the year-earlier period.

Reported net income grew 41.8% from the prior-year period to 136.9 million reais, or 46 centavos per share, from 96.5 million reais, or 32 centavos per share.

As of April 23, US$1 was equivalent to 3.01 reais.