Progress Werk Oberkirch AG said its first-quarter normalized net income was 84 euro cents per share, a decline of 8.5% from 92 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 €2.6 million, a decrease of 8.5% from €2.9 million in the prior-year period.
The normalized profit margin declined to 2.6% from 2.9% in the year-earlier period.
Total revenue came to €99.6 million, compared with €99.8 million in the prior-year period, and total operating expenses climbed year over year to €95.5 million from €93.6 million.
Reported net income fell year over year to €3.2 million, or €1.01 per share, from €3.2 million, or €1.03 per share.
