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ABB Ltd. profit misses consensus by 31.1% in Q1

ABB Ltd. said its normalized net income for the first quarter was 22 cents per share, compared with the S&P Capital IQ consensus estimate of 31 cents per share.

EPS increased 5.2% year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $487.4 million, a gain from $474.5 million in the year-earlier period.

The normalized profit margin climbed to 5.7% from 5.0% in the year-earlier period.

Total revenue declined 9.7% year over year to $8.55 billion from $9.47 billion, and total operating expenses fell 10.7% from the prior-year period to $7.70 billion from $8.62 billion.

Reported net income increased from the prior-year period to $564.0 million, or 25 cents per share, from $554.6 million, or 24 cents per share.