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Hexagon AB profit misses consensus by 44.2% in Q1

Hexagon AB said its first-quarter normalized net income came to 18 euro cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.

EPS climbed 5.0% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €64.8 million, a gain of 5.8% from €61.3 million in the prior-year period.

The normalized profit margin declined to 9.2% from 10.3% in the year-earlier period.

Total revenue grew 18.5% on an annual basis to €705.1 million from €594.8 million, and total operating expenses climbed 21.5% from the prior-year period to €591.9 million from €487.3 million.

Reported net income increased 5.3% from the prior-year period to €82.4 million, or 23 cents per share, from €78.3 million, or 22 cents per share.