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Goodyear Lastikleri Türk profit beats consensusin Q1

Goodyear Lastikleri Türk AS said its first-quarter normalized net income was 7 kurus per share, compared with the S&P Capital IQ consensus estimate of 0 kurus per share.

EPS fell 12.8% year over year from 8 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 18.7 million lira, a decrease of 12.8% from 21.4 million lira in the year-earlier period.

The normalized profit margin declined to 6.4% from 6.9% in the year-earlier period.

Total revenue declined 5.8% on an annual basis to 292.6 million lira from 310.6 million lira, and total operating expenses declined from the prior-year period to 263.9 million lira from 275.5 million lira.

Reported net income decreased 10.6% on an annual basis to 24.3 million lira, or 9 kurus per share, from 27.1 million lira, or 10 kurus per share.

As of April 29, US$1 was equivalent to 2.65 Turkish lira.