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.