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Ford Otomotiv Sanayi profit misses consensus by 22.9% in Q4

Ford Otomotiv Sanayi AS said its normalized net income for the fourth quarter amounted to 56 kurus per share, compared with the S&P Capital IQ consensus estimate of 73 kurus per share.

EPS increased 17.5% year over year from 48 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 197.4 million lira, an increase of 17.5% from 168.0 million lira in the year-earlier period.

The normalized profit margin increased to 3.5% from 3.3% in the year-earlier period.

Total revenue rose 12.6% year over year to 5.65 billion lira from 5.02 billion lira, and total operating expenses rose 13.0% year over year to 5.39 billion lira from 4.77 billion lira.

Reported net income grew 11.4% on an annual basis to 317.3 million lira, or 90 kurus per share, from 284.8 million lira, or 81 kurus per share.

For the year, the company's normalized net income totaled 1.74 lira per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2.50 lira.

EPS rose 12.4% from 1.55 lira in the prior year.

Normalized net income was 610.3 million lira, an increase of 12.4% from 542.8 million lira in the prior year.

Full-year total revenue increased 9.2% year over year to 18.29 billion lira from 16.75 billion lira, and total operating expenses grew 9.5% on an annual basis to 17.19 billion lira from 15.70 billion lira.

The company said reported net income increased 13.5% year over year to 955.3 million lira, or 2.72 lira per share, in the full year, from 841.9 million lira, or 2.40 lira per share.

As of Feb. 14, US$1 was equivalent to 3.66 Turkish lira.