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Leroy Seafood Q1 profit climbs YOY

Lerøy Seafood Group ASA said its normalized net income for the first quarter amounted to 81 Norwegian øre per share, compared with the S&P Capital IQ consensus estimate of 74 øre per share.

EPS increased year over year from 6 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 439.7 million kroner, an increase from 31.8 million kroner in the year-earlier period.

The normalized profit margin increased to 11.5% from 1.0% in the year-earlier period.

Total revenue increased 16.7% year over year to 3.82 billion kroner from 3.27 billion kroner, and total operating expenses fell 5.1% year over year to 3.06 billion kroner from 3.22 billion kroner.

Reported net income grew on an annual basis to 551.5 million kroner, or 1.01 kroner per share, from 43.6 million kroner, or 8 øre per share.

As of May 12, US$1 was equivalent to 8.13 Norwegian kroner.