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Industrias Bachoco profit beats consensus by 19.6% in Q1

Industrias Bachoco SAB de CV said its first-quarter normalized net income came to 23.48 Mexican pesos per share, compared with the S&P Capital IQ consensus estimate of 19.62 pesos per share.

EPS rose 95.4% year over year from 12.02 pesos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.17 billion pesos, a gain of 95.0% from 600.6 million pesos in the prior-year period.

The normalized profit margin increased to 10.3% from 6.2% in the year-earlier period.

Total revenue increased 18.3% on an annual basis to 11.41 billion pesos from 9.64 billion pesos, and total operating expenses rose 11.2% year over year to 9.71 billion pesos from 8.73 billion pesos.

Reported net income increased 91.5% from the prior-year period to 1.26 billion pesos, or 25.32 pesos per share, from 659.7 million pesos, or 13.20 pesos per share.

As of April 24, US$1 was equivalent to 15.38 Mexican pesos.