ABB 2Q Net Profit Fell on One-Off Charges

Date : 07/25/2019 @ 5:29AM
Source : Dow Jones News
Stock : ABB Ltd (ABB)
Quote : 21.855  -0.055 (-0.25%) @ 5:08PM
ABB share price Chart

ABB 2Q Net Profit Fell on One-Off Charges

ABB (NYSE:ABB)
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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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