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Weyco Group Q1 profit falls 28.0% YOY

Weyco Group Inc. said its first-quarter normalized net income came to 24 cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

EPS fell 26.8% year over year from 33 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.6 million, a decline of 28.0% from $3.6 million in the year-earlier period.

The normalized profit margin declined to 3.3% from 4.7% in the year-earlier period.

Total revenue rose on an annual basis to $78.9 million from $78.1 million, and total operating expenses grew on an annual basis to $75.1 million from $72.3 million.

Reported net income fell 25.5% year over year to $2.7 million, or 25 cents per share, from $3.6 million, or 33 cents per share.