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Ford Otomotiv Sanayi Q4 profit climbs YOY

Ford Otomotiv Sanayi AS said its fourth-quarter normalized net income came to 52 kurus per share, compared with the S&P Capital IQ consensus estimate of 61 kurus per share.

EPS climbed year over year from 26 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 183.6 million lira, a gain from 90.1 million lira in the prior-year period.

The normalized profit margin climbed to 3.3% from 2.4% in the year-earlier period.

Total revenue grew 31.2% year over year to 5.02 billion lira from 3.82 billion lira, and total operating expenses rose 28.5% on an annual basis to 4.66 billion lira from 3.63 billion lira.

Reported net income increased on an annual basis to 284.8 million lira, or 81 kurus per share, from 119.2 million lira, or 34 kurus per share.

For the year, the company's normalized net income totaled 1.59 lira per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2.21 lira.

EPS rose from 72 kurus in the prior year.

Normalized net income was 558.3 million lira, a gain from 252.7 million lira in the prior year.

Full-year total revenue grew 40.4% on an annual basis to 16.75 billion lira from 11.92 billion lira, and total operating expenses increased 38.1% on an annual basis to 15.67 billion lira from 11.35 billion lira.

The company said reported net income rose 41.5% on an annual basis to 841.9 million lira, or 2.40 lira per share, in the full year, from 594.9 million lira, or 1.70 lira per share.

As of Feb. 12, US$1 was equivalent to 2.93 Turkish lira.