ABB 3Q Net Profit, Revenue Fell

Date : 10/23/2019 @ 5:47AM
Source : Dow Jones News
Stock : ABB Ltd (ABB)
Quote : 21.77  0.0 (0.00%) @ 12:00AM

ABB 3Q Net Profit, Revenue Fell

ABB (NYSE:ABB)
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1 Month : From Oct 2019 to Nov 2019

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   By Kim Richters 
 

ABB Ltd. (ABBN.EB) said Wednesday that third-quarter net profit and revenue fell, largely due to weaker market conditions hitting its robotics and automation business.

The Swiss engineering company said net profit for the period was $515 million, compared with $603 million a year earlier.

Revenue for the period fell 3% to $6.89 billion, compared with $7.10 billion the previous year. The company restated the 2018 figures to reflect the sale of its power-grids business.

Operational earnings before interest, taxes and amortization fell to $806 million from $814 million, the company said.

ABB beat analyst expectations for net profit--$363 million--and operational Ebita--$792 million--, according to consensus provided by the company.

The company expects light revenue growth and improved operating margins for the full year, it said.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

October 23, 2019 01:32 ET (05:32 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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