Norsk Hydro Q1 Net Profit Drops 34%

Norsk Hydro ASA NHYDY reported a 34% drop in its first quarter net profit. Norsk Hydro's quarterly net profit declined to NOK513 million, from NOK782 million, in the year-ago period. Its revenue came in at NOK21.75 billion. Norsk Hydro's underlying EBIT fell to NOK557 million, from NOK1.133 billion. However, analysts were expecting net profit of NOK384.5 million, EBIT of NOK596.6 million and revenue of NOK23.69 billion. Norsk Hydro shares closed at $4.98 yesterday.