ABB 2Q Net Profit Slides 8% on Slowdown in China, U.S.
July 23 2015 - 12:39AM
Dow Jones News
By John Revill
ZURICH--ABB Ltd. Thursday reported an 8% decrease in net profit
in the second quarter as the power and automation giant faced a
slowdown in several major markets such as China and the U.S.
Zurich-based ABB said net profit for the three months ended June
30 slipped to $588 million from $636 million in the same period a
year earlier. The figure beat analyst expectations of $572
million.
Revenue fell to $9.17 billion from $10.19 billion, better than
expectations of $9.04 billion.
ABB, the world's largest maker of power grids, said it faced a
"mixed" economic picture with the U.S remaining positive and China
still growing, although at a slower pace than in 2014. The
countries are ABB's two largest markets. There was also weaker
demand from the oil and gas sector, ABB said.
Write to John Revill at john.revill@wsj.com
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