Gestamp Automoción S.A. said its first-quarter normalized net income came to €35.9 million, a decline of 24.8% from €47.8 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 2.0% from 2.7% in the year-earlier period.

Total revenue grew 5.3% year over year to €1.83 billion from €1.74 billion, and total operating expenses rose 5.0% year over year to €1.73 billion from €1.65 billion.

Reported net income totaled €41.3 million, compared with €48.3 million in the prior-year period.