Kaufman & Broad S.A. said its normalized net income for the fiscal fourth quarter ended Nov. 30, 2015, was 80 euro cents per share, a decline of 10.2% from 89 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €16.5 million, a decline of 10.3% from €18.4 million in the year-earlier period.
The normalized profit margin climbed to 4.5% from 4.3% in the year-earlier period.
Total revenue declined 14.5% on an annual basis to €366.8 million from €428.8 million, and total operating expenses decreased 16.6% year over year to €328.5 million from €393.8 million.
Reported net income grew 9.8% from the prior-year period to €20.3 million, or 98 cents per share, from €18.5 million, or 90 cents per share.
For the year, the company's normalized net income totaled €1.55 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of €1.81.
EPS declined 7.4% from €1.67 in the prior year.
Normalized net income was €31.9 million, a fall of 8.0% from €34.7 million in the prior year.
Full-year total revenue declined on an annual basis to €1.06 billion from €1.08 billion, and total operating expenses decreased year over year to €977.4 million from €1.01 billion.
The company said reported net income grew year over year to €39.8 million, or €1.93 per share, in the full year, from €37.9 million, or €1.83 per share.