HOCHTIEF AG said its third-quarter normalized net income came to 60 euro cents per share, compared with the S&P Capital IQ consensus estimate of 82 cents per share.

The per-share result swung to a profit from the prior-year loss of 40 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €39.7 million, compared with a loss of €27.4 million in the prior-year period.

The normalized profit margin increased to 0.8% from negative 0.5% in the year-earlier period.

Total revenue declined on an annual basis to €5.27 billion from €5.44 billion, and total operating expenses decreased 5.4% from the prior-year period to €5.19 billion from €5.48 billion.

Reported net income came to €42.9 million, or 64 cents per share, compared with a loss of €8.0 million, or a loss of 12 cents per share, in the year-earlier period.