ABB Profit Slumps as Demand Falters in Emerging Markets
February 03 2016 - 1:32AM
Dow Jones News
By John Revill
ZURICH--ABB Ltd. (ABBN.VX) on Wednesday reported a 70% drop in
profit during the three months to Dec. 31 as the power and
automation giant was hit by a slowdown in emerging markets as
falling oil prices slackened demand in many countries.
Zurich-based ABB said net profit for the quarter fell to $204
million from $680 million a year earlier. The figure missed analyst
expectations of $225 million. The company, the world's biggest
maker of electricity grids, said sales for the quarter fell to
$9.24 billion from $10.35 billion a year earlier, missing analyst
forecasts of $9.33 billion.
ABB, which also makes industrial robots and motors, has been
struggling recently with slowing demand in China and other emerging
markets weighing on its performance. The company has also suffered
with a reduced order intake and a share price that has fallen 3.3%
in the last 12 months.
-Write to John Revill at john.revill@wsj.com
(END) Dow Jones Newswires
February 03, 2016 01:17 ET (06:17 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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