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Leroy Seafood profit misses consensus by 87.5% in Q1

Leroy Seafood Group Asa said its first-quarter normalized net income came to 6 Norwegian øre per share, compared with the S&P Capital IQ consensus estimate of 47 øre per share.

EPS fell 47.7% year over year from 11 øre.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 31.8 million kroner, a decline of 47.7% from 60.8 million kroner in the year-earlier period.

The normalized profit margin fell to 1.0% from 1.9% in the year-earlier period.

Total revenue increased on an annual basis to 3.27 billion kroner from 3.18 billion kroner, and total operating expenses grew on an annual basis to 3.22 billion kroner from 3.11 billion kroner.

Reported net income fell 51.5% on an annual basis to 43.6 million kroner, or 8 øre per share, from 90.0 million kroner, or 17 øre per share.

As of May 13, US$1 was equivalent to 7.37 Norwegian kroner.