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(Bloomberg) -- ABB Ltd., which has fended off demands from activist investor Cevian Capital to spin off its power grids division, reported fourth-quarter net income that missed estimates on costs related to its solar business.

Net income more than doubled to $489 million, the Swiss industrial company said in a statement on Wednesday. That undershot the average $543.9 million estimated by analysts in a Bloomberg survey.

“The underlying performance improvement momentum continued and was stronger than the numbers we are reporting if you consider the one-off events that impacted us during the quarter,” Chief Executive Officer Ulrich Spiesshofer said in the statement.

Spiesshofer’s attempts to ramp up growth at the company after years of restructuring. The CEO, who has said 2017 will be an “interim” year, remains steadfast in his decision to keep a power equipment unit that Cevian wanted to see spun off.

To contact the reporter on this story: Alice Baghdjian in Zurich at abaghdjian@bloomberg.net. To contact the editors responsible for this story: Tara Patel at tpatel2@bloomberg.net, John Bowker, Vernon Wessels

©2017 Bloomberg L.P.

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