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Ekornes ASA profit beats consensus by 15.4% in Q1

Ekornes ASA said its normalized net income for the first quarter amounted to 1.73 Norwegian kroner per share, compared with the S&P Capital IQ consensus estimate of 1.50 kroner per share.

EPS increased 62.9% year over year from 1.06 kroner.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 63.6 million kroner, a gain of 62.1% from 39.3 million kroner in the year-earlier period.

The normalized profit margin rose to 7.3% from 5.8% in the year-earlier period.

Total revenue grew 33.7% on an annual basis to 898.9 million kroner from 672.3 million kroner, and total operating expenses rose 34.7% year over year to 815.9 million kroner from 605.5 million kroner.

Reported net income rose 67.0% year over year to 72.8 million kroner, or 1.98 kroner per share, from 43.6 million kroner, or 1.18 kroner per share.

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