ABB Revenue Declined in 1st Quarter From Year Ago
April 20 2017 - 1:49AM
Dow Jones News
By Brian Blackstone
ZURICH--ABB Ltd. (ABBN.EB) said Thursday first-quarter revenue
fell slightly to $7.85 billion from a year ago, although net income
rose on divestment of the company's high-voltage cable
business.
The Swiss-based engineering and power grid company said sales
were down 1% from $7.9 billion in the year-ago quarter, though they
rose 3% on a comparable basis that adjusted for currency changes,
acquisitions and divestments. Orders were $8.4 billion in the first
three months of the year, down 9% from the same period in 2016.
The company said net income was $724 million in the latest
quarter, up from $500 million a year ago.
ABB said 2017 "is expected to be a transitional year" with
"modest growth and increased uncertainties" in global markets.
"Some macroeconomic signs in the U.S. remain positive and growth in
China is expected to continue," it said.
The company said an investigation into a theft at its South
Korean subsidiary had concluded that the fraud was limited to that
country. The cost of the theft was initially estimated in February
to be about $100 million, but the company later reduced that figure
to $73 million because of expected payouts from its insurance
policies.
"ABB has started implementing disciplinary consequences and will
continue to do so as appropriate," the company said Thursday.
Write to Brian Blackstone at brian.blackstone@wsj.com
(END) Dow Jones Newswires
April 20, 2017 01:34 ET (05:34 GMT)
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