Leonardo SpA said its normalized net income for the first quarter came to €58.8 million, a rise of 36.2% from €43.1 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 2.4% from 1.7% in the year-earlier period.

Total revenue declined year over year to €2.48 billion from €2.54 billion, and total operating expenses fell from the prior-year period to €2.33 billion from €2.40 billion.

Reported net income increased 39.3% on an annual basis to €78.0 million, or 14 cents per share, from €56.0 million.