ABB's 1Q Net Profit Fell as Revenue Rose
April 19 2018 - 1:43AM
Dow Jones News
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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