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Piaggio Q2 profit climbs 6.8% YOY

Piaggio & C. SpA said its normalized net income for the second quarter amounted to 4 euro cents per share, an increase of 7.0% from 4 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 €15.5 million, an increase of 6.8% from €14.5 million in the prior-year period.

The normalized profit margin fell to 3.6% from 4.1% in the year-earlier period.

Total revenue rose 11.3% year over year to €391.9 million from €352.2 million, and total operating expenses grew 12.4% on an annual basis to €357.7 million from €318.2 million.

Reported net income decreased 11.7% year over year to €13.7 million, or 4 cents per share, from €15.5 million, or 4 cents per share.