Gestamp said its normalized net income for the first quarter amounted to €45.9 million, a gain from €19.7 million in the prior-year period.

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

The normalized profit margin climbed to 2.7% from 1.3% in the year-earlier period.

Total revenue grew 14.7% year over year to €1.74 billion from €1.52 billion, and total operating expenses rose 14.0% from the prior-year period to €1.65 billion from €1.45 billion.

Reported net income totaled €48.3 million, compared with €24.1 million in the year-earlier period.