Piaggio & C. SpA said its normalized net income for the first quarter came to €1.2 million, a rise of 9.6% from €1.1 million in the prior-year period.

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

The normalized profit margin increased to 0.4% from 0.4% in the year-earlier period.

Total revenue climbed 9.1% year over year to €302.0 million from €276.8 million, and total operating expenses grew 9.9% from the prior-year period to €291.2 million from €265.1 million.

Reported net income totaled €1.1 million, or 0 cents per share, compared to €1.1 million, or 0 cents per share, in the year-earlier period.