ABB first-quarter profits fall 29 percent
Engineering giant ABB announced a 29-percent drop in first-quarter net profits to 464 millions dollars (347 million euros) Thursday, in results that were worse than expected by analysts.
The figure was down from the 562 million dollars recorded the previous year: and lower than the 514 million dollars that financial agency AWP had expected.
ABB also reported a 19-percent drop in orders, while earnings before interest and tax (EBIT) stood at 709 million dollars, down 150 million.
"We had a challenging first quarter on the power side while seeing some encouraging signs of growth in our short-cycle businesses, mainly in the automation markets," chief executive Joe Hogan said in a company statement.
But the Swedish-Swiss group was "cautiously optimistic" that their short-cycle business would continue to grow, particularly in emerging markets, he added.
© 2010 AFP