Coca-Cola European Partners PLC said its first-quarter normalized net income was 25 euro cents per share, compared with the S&P Capital IQ consensus estimate of 29 cents per share.

EPS fell 20.8% year over year from 32 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €121.9 million, a gain of 66.6% from €73.2 million in the first quarter ended April 1, 2016.

The normalized profit margin dropped to 5.1% from 5.5% in the year-earlier period.

Total revenue rose 78.4% on an annual basis to €2.38 billion from €1.34 billion, and total operating expenses rose 81.8% year over year to €2.16 billion from €1.19 billion.

Reported net income increased 147.3% year over year to €146.4 million, or 30 cents per share, from €59.2 million, or 25 cents per share.