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By Kim Richters
ABB Ltd. (ABBN.EB) said Wednesday that its net profit for the fourth quarter of 2019 rose while revenue declined.
The Swiss engineering company said its net profit rose to $325 million from $317 million the year-earlier period. Its operational earnings before interest, taxes and amortization jumped 22% to $710 million.
Quarterly revenue declined 4% to $7.07 billion, while orders for the quarter fell to $6.89 billion.
ABB said it had faced slowing short-cycle industrial demand, particularly in the U.S., and continuing market headwinds in some industries during the quarter.
"ABB gave a resilient performance in 2019 in the face of challenging market conditions and a significant transformation," the company's CEO Peter Voser said.
The company proposed a dividend of CHF0.80 per share.
Write to Kim Richters at email@example.com
(END) Dow Jones Newswires
February 05, 2020 01:23 ET (06:23 GMT)
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