Swedish industrial technology group Hexagon AB reported a 7% fall in third-quarter adjusted operating earnings as it pushes ahead with a significant corporate overhaul.
Adjusted operating earnings for the three months ended Sept. 30 fell to 349.3 million euros from 376.6 million euros a year earlier, the company said Friday.
The adjusted operating margin, a key measure of profitability, narrowed to 26.8% from 29.0%.
Net sales were largely flat at 1.30 billion euros, though the company reported organic revenue growth of 4%.
The results come amid a major restructuring, which includes the planned spin-off of its software unit, Octave, and the recent 2.7 billion euro sale of its Design & Engineering business.
The company has also seen recent management changes, including the departure of its chief financial officer in August.
On a reported basis, Hexagon swung to a loss, with earnings per share of negative 1.3 Euro cents, compared with a profit of 8.8 Euro cents in the same period last year.
Operating cash flow before non-recurring items increased to 177.8 million euros from 165.9 million euros, according to the company.
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