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Fuyao Glass Industry profit misses consensus by 34.1% in Q1

Fuyao Glass Industry Group Co. Ltd. said its first-quarter normalized net income was 18 fen per share, compared with the S&P Capital IQ consensus estimate of 28 fen per share.

EPS decreased year over year from 19 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 361.9 million yuan, a decline from 371.9 million yuan in the year-earlier period.

The normalized profit margin declined to 11.2% from 12.8% in the year-earlier period.

Total revenue grew 11.1% year over year to 3.22 billion yuan from 2.90 billion yuan, and total operating expenses rose 13.0% on an annual basis to 2.55 billion yuan from 2.26 billion yuan.

Reported net income increased 22.7% on an annual basis to 579.4 million yuan, or 29 fen per share, from 472.3 million yuan, or 24 fen per share.

As of April 10, US$1 was equivalent to 6.20 yuan.