ABB Q3 Net Profit Up 12 Pct To Over $1 Bln
ERNST E. ABEGG
ZURICH (AP) ¿ Swiss-based ABB Group, maker of power transmission and industrial automation equipment, saw third-quarter net profit rise 12 percent to over $1 billion, helped by a $380 million boost from reversing set-asides for taxes, antitrust fines and restructuring.
The company recorded a net profit of $927 million during the July-September period of 2008, it said Thursday. Revenue during the third quarter this year fell 10 percent to $7.91 billion, while orders dropped 21 percent to $7.06 billion.
Analysts at Zuercher Kantonalbank noted that without the boost ABB received from the release of provisions, results fell sharply below expectations.Shares in ABB closed 2.4 percent lower at 19.96 Swiss francs ($19.61) on the Zurich exchange Thursday. "Order trends were in line with what we saw in the second quarter, with steady demand in power and oil and gas but lower base orders in industrial markets," said ABB Chief Executive Joe Hogan. "We'll continue to focus on making sure our costs are in line with market demand, but at the same time stay aggressively positioned to capture the significant growth opportunities in power infrastructure, renewables, energy efficiency and emerging markets," he said.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV