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

ABB profit, revenue falls amid weaker market conditions

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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 /zigman2/quotes/202291450/delayed SE:ABB -0.09%   /zigman2/quotes/209404356/composite ABB +0.19%  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.

/zigman2/quotes/202291450/delayed
SE : Sweden: Stockholm
kr 227.00
-0.20 -0.09%
Volume: 1.16M
Nov. 27, 2020 5:29p
P/E Ratio
9.63
Dividend Yield
N/A
Market Cap
kr474.39 billion
Rev. per Employee
kr1.83M
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/zigman2/quotes/209404356/composite
US : U.S.: NYSE
$ 26.60
+0.05 +0.19%
Volume: 1.02M
Nov. 27, 2020 5:00p
P/E Ratio
10.07
Dividend Yield
2.54%
Market Cap
$55.83 billion
Rev. per Employee
$193,883
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