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Hey-song profit misses consensus by 26.0% in Q1

Hey-Song Corp. said its normalized net income for the first quarter amounted to 20 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 27 cents per share.

EPS rose 54.9% year over year from 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$81.2 million, a gain of 54.9% from NT$52.4 million in the year-earlier period.

The normalized profit margin climbed to 6.1% from 4.1% in the year-earlier period.

Total revenue increased year over year to NT$1.33 billion from NT$1.27 billion, and total operating expenses rose year over year to NT$1.40 billion from NT$1.35 billion.

Reported net income grew 93.7% from the prior-year period to NT$124.6 million, or 31 cents per share, from NT$64.3 million, or 16 cents per share.

As of May 13, US$1 was equivalent to NT$30.62.