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Article: ABB Q3 net profit up 12 pct to over $1 bln
- Article from:
- AP Worldstream
- Article date:
- October 29, 2009
- Author:
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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 fell 4 percent to ...