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MAN SE swings to loss in Q1

MAN SE said its normalized net income for the first quarter was a loss of 8 euro cents per share, compared with the S&P Capital IQ consensus estimate of 20 cents per share.

The per-share result swung to a loss from the prior-year profit of 15 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €12.0 million, compared with income of €22.0 million in the prior-year period.

The normalized profit margin declined to negative 0.4% from 0.7% in the year-earlier period.

Total revenue declined on an annual basis to €3.09 billion from €3.14 billion, and total operating expenses totaled €3.06 billion, compared with €3.08 billion in the prior-year period.

Reported net income came to a loss of €12.0 million, or a loss of 8 cents per share, compared with income of €25.0 million, or 17 cents per share, in the year-earlier period.