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Ford Otomotiv Sanayi profit misses consensus by 22.8% in Q1

Ford Otomotiv Sanayi AS said its normalized net income for the first quarter amounted to 34 kurus per share, compared with the S&P Capital IQ consensus estimate of 44 kurus per share.

EPS rose year over year from 11 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 119.2 million lira, a gain from 39.0 million lira in the prior-year period.

The normalized profit margin increased to 3.3% from 1.9% in the year-earlier period.

Total revenue climbed 74.2% on an annual basis to 3.56 billion lira from 2.05 billion lira, and total operating expenses grew 73.1% year over year to 3.35 billion lira from 1.94 billion lira.

Reported net income increased 14.6% on an annual basis to 232.2 million lira, or 66 kurus per share, from 202.5 million lira, or 58 kurus per share.

As of April 29, US$1 was equivalent to 2.65 Turkish lira.