Südzucker AG said its normalized net income for the fiscal first quarter ended May 31 came to 11 euro cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.

EPS decreased 46.2% year over year from 20 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €21.5 million, a decrease of 46.2% from €40.0 million in the year-earlier period.

The normalized profit margin dropped to 1.3% from 2.3% in the year-earlier period.

Total revenue declined 8.1% on an annual basis to €1.63 billion from €1.77 billion, and total operating expenses decreased 5.9% from the prior-year period to €1.58 billion from €1.68 billion.

Reported net income fell 57.5% on an annual basis to €20.8 million, or 10 cents per share, from €48.9 million, or 24 cents per share.