ABB ABB Ltd

   By Nathan Allen 
 

ABB Ltd. (ABBN.EB) said Thursday that its first-quarter net profit dropped, despite slightly higher revenue.

Net profit at the Swiss industrial conglomerate was $572 million in the first quarter, compared with $724 million a year earlier, the company said.

ABB said the lower profit was due in part to a tough comparison effect with the first quarter of 2017, when the company booked the gains from the divestment of its cables business.

Revenue rose 10% to $8.63 billion from $7.85 billion, ABB said,

The company said it booked total orders of $9.8 billion, compared with $8.4 billion a year earlier. Large orders accounted for around 10% of the total order book, the same level as a year earlier.

"Work to secure regulatory approvals to acquire GE Industrial Solutions continues and the transaction is on track to close by the end of the second quarter," ABB said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

April 19, 2018 01:28 ET (05:28 GMT)

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