Hexagon AB said its first-quarter normalized net income came to 20 euro cents per share, compared with the S&P Capital IQ consensus estimate of 37 cents per share.

EPS declined 24.2% year over year from 27 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €72.7 million, a decrease of 24.1% from €95.9 million in the year-earlier period.

The normalized profit margin declined to 9.3% from 13.2% in the year-earlier period.

Total revenue increased 7.4% on an annual basis to €778.1 million from €724.2 million, and total operating expenses increased 16.1% on an annual basis to €654.4 million from €563.6 million.

Reported net income fell 25.6% from the prior-year period to €93.9 million, or 26 cents per share, from €126.3 million, or 35 cents per share.