Olvi Oyj said its first-quarter normalized net income was 12 euro cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

EPS rose year over year from 5 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €2.4 million, an increase from €1.1 million in the prior-year period.

The normalized profit margin increased to 3.9% from 1.8% in the year-earlier period.

Total revenue increased year over year to €62.2 million from €61.5 million, and total operating expenses came to €57.8 million, compared with €57.7 million in the prior-year period.

Reported net income increased year over year to €2.9 million, or 14 cents per share, from €1.4 million, or 7 cents per share.