Historical Stock Chart
6 Months : From May 2019 to Nov 2019
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.
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(END) Dow Jones Newswires
July 25, 2019 01:14 ET (05:14 GMT)
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