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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 -2.52%   /zigman2/quotes/209404356/composite ABB -0.10%  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 185.80
-4.80 -2.52%
Volume: 2.65M
May 29, 2020 5:29p
P/E Ratio
32.24
Dividend Yield
N/A
Market Cap
kr406.66 billion
Rev. per Employee
kr1.79M
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/zigman2/quotes/209404356/composite
US : U.S.: NYSE
$ 19.66
-0.02 -0.10%
Volume: 2.61M
May 29, 2020 4:00p
P/E Ratio
29.17
Dividend Yield
3.44%
Market Cap
$41.99 billion
Rev. per Employee
$206,146
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