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Piaggio Q3 profit falls YOY

Piaggio & C. SpA said its third-quarter normalized net income was 1 euro cents per share, a decrease of 32.8% from 2 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €4.1 million, a decrease of 33.2% from €6.2 million in the year-earlier period.

The normalized profit margin dropped to 1.2% from 2.0% in the year-earlier period.

Total revenue rose on an annual basis to €308.7 million from €301.8 million, and total operating expenses grew from the prior-year period to €292.8 million from €282.5 million.

Reported net income decreased 29.0% year over year to €3.6 million, or 1 cents per share, from €5.1 million, or 1 cents per share.