ABB 2Q Net Profit Fell on One-Off Charges
July 25 2019 - 1:29AM
Dow Jones News
By Nathan Allen
ABB Ltd. (ABBN.EB) said Thursday that profit fell sharply in the
second quarter due to charges relating to the sale of its
solar-inverter business.
The Swiss engineering company reported net profit of $64 million
compared with $681 million a year earlier, while revenue climbed to
$7.17 billion from $6.73 billion.
Analysts had predicted net profit of $25.6 million on revenue of
$7.09 billion, according to a consensus compiled by FactSet.
ABB attributed the lower profit to a $455 million charge it
booked on the sale of its solar-inverter business earlier in
July.
Operational earnings before interest, taxes and amortization,
which strips out one-off effects, edged down to $825 million from
$855 million, the company said.
The company issued a fairly cautious short-term outlook, noting
that global markets remain affected by geopolitical
uncertainties.
Previously, the group had said its overall global market was
growing.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
July 25, 2019 01:14 ET (05:14 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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