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Fomento Economico Mexicano Q1 profit climbs 14.7% YOY

Fomento Economico Mexicano SA said its first-quarter normalized net income came to 67 Mexican centavos per share, compared with the S&P Capital IQ consensus estimate of 73 centavos per share.

EPS increased 14.7% year over year from 58 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.39 billion pesos, an increase of 14.7% from 2.08 billion pesos in the year-earlier period.

The normalized profit margin rose to 3.7% from 3.2% in the year-earlier period.

Total revenue totaled 65.20 billion pesos, compared with 65.51 billion pesos in the prior-year period, and total operating expenses totaled 59.32 billion pesos, compared with 59.37 billion pesos in the year-earlier period.

Reported net income rose 21.8% on an annual basis to 3.13 billion pesos, or 88 centavos per share, from 2.57 billion pesos, or 72 centavos per share.

As of May 1, US$1 was equivalent to 15.54 Mexican pesos.