Aryzta AG said its normalized net income for the fiscal second half ended July 31 amounted to 94 euro cents per share, a decline of 31.3% from €1.37 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €84.9 million, a decrease of 31.3% from €123.5 million in the year-earlier period.

Total revenue fell year over year to €1.92 billion from €1.96 billion, and total operating expenses came to €1.74 billion, compared with €1.72 billion in the prior-year period.

Reported net income totaled €26.4 million, or 29 cents per share, compared to a loss of €77.2 million, or a loss of 86 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled €1.48 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of €3.43.

EPS declined 16.4% from €1.77 in the prior year.

Normalized net income was €133.0 million, a decline of 16.1% from €158.5 million in the prior year.

Full-year total revenue grew on an annual basis to €3.88 billion from €3.82 billion, and total operating expenses grew year over year to €3.57 billion from €3.47 billion.

The company said reported net income totaled €80.8 million, or 90 cents per share, in the full year, compared with a loss of €35.3 million, or a loss of 39 cents per share, the prior year.