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Hankook Tire profit misses consensus by 32.2% in Q1

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Hankook Tire profit misses consensus by 32.2% in Q1

Hankook Tire Co. Ltd. said its first-quarter normalized net income came to 991.74 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 1,462.88 won per share.

EPS declined 21.2% year over year from 1,258.82 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 122.83 billion won, a decline of 21.2% from 155.91 billion won in the prior-year period.

The normalized profit margin declined to 8.3% from 9.3% in the year-earlier period.

Total revenue decreased 11.3% on an annual basis to 1.486 trillion won from 1.675 trillion won, and total operating expenses declined 9.3% on an annual basis to 1.283 trillion won from 1.415 trillion won.

Reported net income declined 17.8% from the prior-year period to 161.01 billion won, or 1,300.04 won per share, from 195.81 billion won, or 1,581.04 won per share.

As of May 15, US$1 was equivalent to 1,083.65 South Korean won.