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Empire Co. fiscal Q1 profit climbs 48.2% YOY

Empire Co. Ltd. said its normalized net income for the fiscal first quarter ended Aug. 2 amounted to 39 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 45 cents per share.

EPS rose 9.5% year over year from 36 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$109.1 million, an increase of 48.2% from C$73.6 million in the prior-year period.

The normalized profit margin climbed to 1.7% from 1.6% in the year-earlier period.

Total revenue increased 35.3% on an annual basis to C$6.25 billion from C$4.61 billion, and total operating expenses grew 34.5% year over year to C$6.02 billion from C$4.47 billion.

Reported net income rose 48.8% on an annual basis to C$122.8 million, or 44 cents per share, from C$82.5 million, or 40 cents per share.