Piaggio & C. SpA said its fourth-quarter normalized net income came to a loss of 2 euro cents per share, compared with a loss of 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 a loss of €5.5 million, compared with a loss of €6.1 million in the prior-year period.

The normalized profit margin dropped to negative 2.3% from negative 2.2% in the year-earlier period.

Total revenue rose on an annual basis to €292.7 million from €282.5 million, and total operating expenses rose year over year to €292.5 million from €283.0 million.

Reported net income came to a loss of €6.5 million, or a loss of 2 cents per share, compared to a loss of €5.8 million, or a loss of 2 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 4 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 4 cents.

EPS declined from 4 cents in the prior year.

Normalized net income was €15.3 million, a fall from €15.7 million in the prior year.

Full-year total revenue increased 6.8% year over year to €1.30 billion from €1.21 billion, and total operating expenses increased 7.4% on an annual basis to €1.23 billion from €1.15 billion.

The company said reported net income declined 25.1% on an annual basis to €11.9 million, or 3 cents per share, in the full year, from €15.9 million, or 4 cents per share.