ABB 2Q Net Income Down 31% at $406 Million --Update
July 21 2016 - 02:29AM
Dow Jones News
Brian Blackstone
ZURICH--Swiss power and automated-equipment maker ABB Ltd.
(ABB.SK) said Thursday that second-quarter profit fell 31% due to
restructuring expenses, as the company also cited an uncertain
global economic outlook complicated by the U.K. decision to leave
the European Union.
Zurich-based ABB said net income was $406 million in the three
months ended June, compared with $588 million a year earlier.
Analysts had expected profit of $393 million.
Its revenue fell 5% to $8.68 billion from $9.17 billion.
Analysts had expected revenue of $8.8 billion.
"Our continued focus on high-growth segments dampened the impact
of challenging markets like the process industries," said ABB Chief
Executive Ulrich Spiesshofer. "We are improving our cost and
capital structure, as well as our productivity, and shaping a
leaner, more agile ABB in a disciplined way."
The company said that economic and geopolitical developments
"are signaling a mixed picture with continued uncertainty."
"Some macroeconomic signs in the U.S. remain positive and growth
in China is expected to continue, although at a slower pace than in
2015," it said, adding that the outlook is also being affected by
"increased uncertainties relating to Brexit in Europe, and
geopolitical tensions in various parts of the world."
Write to Brian Blackstone at brian.blackstone@wsj.com
(END) Dow Jones Newswires
July 21, 2016 02:14 ET (06:14 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
ABB (NYSE:ABB)
Historical Stock Chart
From Feb 2024 to Mar 2024
ABB (NYSE:ABB)
Historical Stock Chart
From Mar 2023 to Mar 2024