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Dow Jones Newswires

Oct. 23, 2019, 1:27 a.m. EDT

ABB profit, revenue falls amid weaker market conditions

By Kim Richters

ABB Ltd. said Wednesday that third-quarter net profit and revenue fell, largely due to weaker market conditions hitting its robotics and automation business.

The Swiss engineering company (OME:SE:ABB)   (NYS:ABB)  said net profit for the period was $515 million, compared with $603 million a year earlier.

Revenue for the period fell 3% to $6.89 billion, compared with $7.10 billion the previous year. The company restated the 2018 figures to reflect the sale of its power-grids business.

Operational earnings before interest, taxes and amortization fell to $806 million from $814 million, the company said.

ABB beat analyst expectations for net profit--$363 million--and operational Ebita--$792 million--, according to consensus provided by the company.

The company expects light revenue growth and improved operating margins for the full year, it said.

Link to MarketWatch's Slice.