ABB Revenues and Profit Rise in Third Quarter
October 26 2017 - 1:45AM
Dow Jones News
By Nathan Allen
Switzerland's ABB Ltd. (ABBN.EB) reported a slight rise in
third-quarter net profit on Thursday, while revenue increased 6%
largely due to higher orders from Europe and the Americas.
Net profit at the Swiss industrial conglomerate was $571
million, up from $568 million a year earlier, but missing a
consensus forecast of $579 million provided by FactSet.
The company said increased operational profitability was offset
by higher restructuring and acquisition-related expenses compared
with the same period a year ago.
Revenue grew to $8.72 billion, up from $8.26 billion a year
earlier.
In July ABB closed the acquisition of Austrian robotics and
automation provider B&R for an undisclosed amount, then in
September agreed to acquire General Electric Co.'s (GE) industrial
solutions unit for $2.6 billion
Total orders were 8% higher on the year in U.S. dollar terms,
driven largely by strong demand in Europe and the Americas, which
compensated for a slight decrease in orders from China.
In the U.K., the company won a $130 million order to provide
power transmission infrastructure for the new Hinkley Point C power
plant.
Chief Executive Ulrich Spiesshofer said the company would now
focus on profitable organic growth.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
October 26, 2017 01:30 ET (05:30 GMT)
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