ABB ABB Ltd

   By Anthony Shevlin 
 

ABB Ltd. (ABBN.EB) said Wednesday that earnings in the first quarter fell despite strong revenue growth and a rise in orders.

The Swiss engineering group said net profit for the period fell 6% to $535 million. ABB said revenue for the period came to $6.85 billion compared with $6.44 billion the year previous.

Orders for the first quarter rose 3% on a comparable basis to $7.61 billion, the company said.

ABB Chief Financial Officer Timo Ihamuotila said: "We delivered another quarter of solid orders and revenue growth demonstrating the quality and resilience of our portfolio despite the softening we have seen in some of our end-markets, particularly in discrete manufacturing and the automotive sector."

In the short term, the company expects oil prices and currency effects to influence its results.

In a separate release on Wednesday, ABB named Peter Voser as its interim chief executive after Ulrich Spiesshofer stepped down from the role which he held since 2013.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

(END) Dow Jones Newswires

April 17, 2019 01:48 ET (05:48 GMT)

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