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Ford Otomotiv Sanayi profit misses consensus by 35.0% in Q3

Ford Otomotiv Sanayi A.S. said its third-quarter normalized net income amounted to 32 kurus per share, compared with the S&P Capital IQ consensus estimate of 50 kurus per share.

EPS decreased year over year from 34 kurus.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 113.0 million lira, a decrease from 118.4 million lira in the year-earlier period.

The normalized profit margin rose to 2.9% from 2.8% in the year-earlier period.

Total revenue decreased 8.7% on an annual basis to 3.84 billion lira from 4.20 billion lira, and total operating expenses decreased 7.9% from the prior-year period to 3.61 billion lira from 3.92 billion lira.

Reported net income rose 15.5% on an annual basis to 173.9 million lira, or 50 kurus per share, from 150.6 million lira, or 43 kurus per share.

As of Oct. 27, US$1 was equivalent to 3.10 Turkish lira.