ABB 2Q Net Income Down 31% at $406 Million
July 21 2016 - 1:33AM
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.
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 in a statement. "We are improving our
cost and capital structure, as well as our productivity, and
shaping a leaner, more agile ABB in a disciplined way."
Write to Brian Blackstone at brian.blackstone@wsj.com
(END) Dow Jones Newswires
July 21, 2016 01:18 ET (05:18 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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