ABB 4Q Profit Dampened by Restructuring Charges
February 08 2018 - 1:29AM
Dow Jones News
By Nathan Allen
ABB Ltd.'s (ABBN.EB) fourth-quarter net profit fell compared
with the same period a year ago, due largely to charges associated
with organizational changes announced late December, the company
said Thursday.
Net profit at the Swiss industrial conglomerate was $393
million, down from a restated figure of $425 million a year
earlier, the company said.
ABB restated its fourth-quarter and full-year results in 2016
after booking pretax charges of around $73 million relating to a
multi-million dollar fraud at its South Korean subsidiary.
Revenue for the quarter rose 3% to $9.28 billion, from $8.99
billion in the year-earlier period, ABB said.
The company received $8.48 billion in new orders and its
year-end order backlog stood at $22.41 billion, compared with
$22.98 billion in December 2016.
ABB's board proposed a dividend of 0.78 Swiss francs ($0.83) a
share, up by CHF0.02 on year.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
February 08, 2018 01:14 ET (06:14 GMT)
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