ABB: quarterly profit dips amid 'uncertainty'
(CercleFinance.com) - Swiss engineering group ABB on Thursday posted a 4% fall in quarterly operating profit, citing "macroeconomic headwinds" and "geopolitical uncertainty.
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The company's second-quarter operational EBITA - a competitor with Siemens and GE - dipped to 825 million dollars compared with 855 million dollars in the same quarter of 2018.
Macroeconomic indicators are mixed in Europe and China, the company said, and global markets overall remain affected by geopolitical uncertainties.
Net income collapsed 91% to 64 million dollars in the past quarter, including a 455 million dollars charge related to the planned exit from a solar inverter business.
Even so, revenues improved by 2% (+7% in US dollars), with growth in electrification and industrial automation outweighing a softer performance from robotics, ABB said.
The Zurich-based company said it plans to stay focused on costs and portfolio management.
The shares were trading down 0.8% after these results.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
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The company's second-quarter operational EBITA - a competitor with Siemens and GE - dipped to 825 million dollars compared with 855 million dollars in the same quarter of 2018.
Macroeconomic indicators are mixed in Europe and China, the company said, and global markets overall remain affected by geopolitical uncertainties.
Net income collapsed 91% to 64 million dollars in the past quarter, including a 455 million dollars charge related to the planned exit from a solar inverter business.
Even so, revenues improved by 2% (+7% in US dollars), with growth in electrification and industrial automation outweighing a softer performance from robotics, ABB said.
The Zurich-based company said it plans to stay focused on costs and portfolio management.
The shares were trading down 0.8% after these results.
Copyright (c) 2019 CercleFinance.com. All rights reserved.