ABB: 2018 net profit down; shares fall

(CercleFinance.com) - Swiss engineering group ABB posted a 2% drop in its 2018 net profit, with its shares slumping, despite "strong order and revenue performance.
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Net profit fell to 2.17 billion dollars, the group said on Thursday, compared with 2.21 billion dollars in 2017.

Over the fourth quarter, orders rose by 7%, while the consensus was expecting a 6% increase. Revenues rose by 5% to 7.4 billion dollars, also beating the consensus.

In a statement, the group maintained its strategy consisting of a simplified company that focuses on digital industries, and confirmed its guidance.

However, ABB shares are currently down 1.5% at 19.95 Swiss francs, underperforming a slightly lower Swiss blue-chip market, after rising by 9.4% so far this year.

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