ABB: shares trade lower after disappointing orders
(CercleFinance.com) - ABB announced on Thursday orders that missed analysts' expectations, sending the shares of the Swiss engineering group down almost 4% in Zurich.
Total orders rose 9%, the group - which sells equipment to utilities and energy clients - said this morning, a level that was judged to be rather "soft" by analysts who cover the stock.
Third quarter net income rose by 6% to 603 million Swiss francs, while revenues rose by 3% to 9.25 billion Swiss francs, boosted by demand for its robotics and industrial automation tools.
Regarding its outlook, ABB said macroeconomic signs remained "robust" in Europe and were trending positively in the US, with growth expected to continue in China.
"The overall global market is growing," the group added.
However, these encouraging comments were not enough to overshadow the market's disappointment regarding orders. In late-morning trading, ABB shares were down 3.3% at 9.6 Swiss francs.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Total orders rose 9%, the group - which sells equipment to utilities and energy clients - said this morning, a level that was judged to be rather "soft" by analysts who cover the stock.
Third quarter net income rose by 6% to 603 million Swiss francs, while revenues rose by 3% to 9.25 billion Swiss francs, boosted by demand for its robotics and industrial automation tools.
Regarding its outlook, ABB said macroeconomic signs remained "robust" in Europe and were trending positively in the US, with growth expected to continue in China.
"The overall global market is growing," the group added.
However, these encouraging comments were not enough to overshadow the market's disappointment regarding orders. In late-morning trading, ABB shares were down 3.3% at 9.6 Swiss francs.
Copyright (c) 2018 CercleFinance.com. All rights reserved.