ABB third quarter profits up slightly to $790 mn

27th October 2011, Comments 0 comments

Swedish-Swiss engineering giant ABB said third quarter profits rose two percent to $790 million (564.7 million euros), as orders increased across the board.

For the three months ending September, orders reached $9.826 billion, up 20 percent from the same period a year ago.

"This was a solid quarter where we continued to execute well," said Joe Hogan, ABB chief executive.

"Our cost savings efforts again more than offset price pressure in power and we continued to build the order backlog, which will support growth in the coming quarters," he added.

The engineering group said it expected growth in orders to "remain near current levels until confidence in the macroeconomic outlook improves."

"Meanwhile, the longer-term outlook remains positive," it added.

© 2011 AFP

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