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Ingles Markets profit beats consensus by 35.5% in fiscal Q2

Ingles Markets Inc. said its normalized net income for the fiscal second quarter ended March 28 amounted to 68 cents per share, compared with the S&P Capital IQ consensus estimate of 50 cents per share.

EPS climbed 48.1% year over year from 46 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $13.8 million, a gain of 31.9% from $10.5 million in the year-earlier period.

The normalized profit margin rose to 1.5% from 1.1% in the year-earlier period.

Total revenue fell on an annual basis to $915.3 million from $947.8 million, and total operating expenses fell year over year to $882.2 million from $920.0 million.

Reported net income grew 37.4% year over year to $14.4 million, or 71 cents per share, from $10.5 million, or 46 cents per share.