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Ford Otomotiv Sanayi profit misses consensus by 22.3% in Q2

Ford Otomotiv Sanayi A.S. said its normalized net income for the second quarter was 47 kurus per share, compared with the S&P Capital IQ consensus estimate of 61 kurus per share.

EPS rose 29.5% year over year from 37 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 166.4 million lira, a gain of 29.5% from 128.6 million lira in the year-earlier period.

The normalized profit margin increased to 3.6% from 3.2% in the year-earlier period.

Total revenue rose 16.5% on an annual basis to 4.61 billion lira from 3.96 billion lira, and total operating expenses grew 16.2% year over year to 4.32 billion lira from 3.72 billion lira.

Reported net income increased 49.8% on an annual basis to 261.1 million lira, or 74 kurus per share, from 174.3 million lira, or 50 kurus per share.

As of Aug. 2, US$1 was equivalent to 2.99 Turkish lira.