By Kim Richters
ABB Ltd. said Wednesday that its net profit for the fourth quarter of 2019 rose, while revenue declined.
The Swiss engineering company /zigman2/quotes/201477239/delayed CH:ABBN -1.28% /zigman2/quotes/209404356/composite ABB -0.39% said its net profit rose to $325 million from $317 million the year-earlier period. Its operational earnings before interest, taxes and amortization jumped 22% to $710 million.
Quarterly revenue declined 4% to $7.07 billion, while orders for the quarter fell to $6.89 billion.
ABB said it had faced slowing short-cycle industrial demand, particularly in the U.S., and continuing market headwinds in some industries during the quarter.
“ABB gave a resilient performance in 2019 in the face of challenging market conditions and a significant transformation,” the company’s CEO Peter Voser said.
The company proposed a dividend of CHF0.80 per share.