Ford Otomotiv Sanayi A.S. said its first-quarter normalized net income came to 38 kurus per share, compared with the S&P Capital IQ consensus estimate of 62 kurus per share.

EPS rose 11.5% year over year from 34 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 132.9 million lira, a gain of 11.5% from 119.2 million lira in the prior-year period.

The normalized profit margin fell to 3.2% from 3.3% in the year-earlier period.

Total revenue rose 17.5% on an annual basis to 4.19 billion lira from 3.56 billion lira, and total operating expenses increased 17.4% on an annual basis to 3.92 billion lira from 3.34 billion lira.

Reported net income declined 12.5% from the prior-year period to 203.1 million lira, or 58 kurus per share, from 232.2 million lira, or 66 kurus per share.

As of April 28, US$1 was equivalent to 2.81 Turkish lira.