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ABB Ltd. profit misses consensus by 30.8% in Q3

ABB Ltd. said its third-quarter normalized net income was 22 cents per share, compared with the S&P Capital IQ consensus estimate of 32 cents per share.

EPS climbed year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $492.5 million, compared with $487.9 million in the year-earlier period.

The normalized profit margin rose to 5.9% from 5.0% in the year-earlier period.

Total revenue decreased 13.3% year over year to $8.52 billion from $9.82 billion, and total operating expenses decreased 14.3% year over year to $7.64 billion from $8.92 billion.

Reported net income declined 18.8% from the prior-year period to $578.0 million, or 26 cents per share, from $711.8 million, or 31 cents per share.