ABB 1Q Earnings Fell Despite Revenue, Orders Growth
April 17 2019 - 1:03AM
Dow Jones News
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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