Wärtsilä Oyj Abp said its first-quarter normalized net income came to 23 euro cents per share, compared with the S&P Capital IQ consensus estimate of 36 cents per share.

EPS declined 8.9% year over year from 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €44.6 million, a decrease of 7.0% from €48.0 million in the prior-year period.

The normalized profit margin declined to 4.4% from 5.0% in the year-earlier period.

Total revenue increased year over year to €1.01 billion from €967.0 million, and total operating expenses increased from the prior-year period to €929.0 million from €888.0 million.

Reported net income decreased 5.2% year over year to €55.0 million, or 28 cents per share, from €58.0 million, or 30 cents per share.