ABB first-quarter net profit falls 3 percent

ZURICH Wed Apr 24, 2013 12:16am EDT

A logo of Swiss engineering group ABB is seen on a building in Zurich February 14, 2013. Switzerland's ABB said it would focus on costs to offset near-term uncertainty about growth in Europe and the United States as it posted better-than-expected profit and orders in the fourth quarter. REUTERS/Michael Buholzer

A logo of Swiss engineering group ABB is seen on a building in Zurich February 14, 2013. Switzerland's ABB said it would focus on costs to offset near-term uncertainty about growth in Europe and the United States as it posted better-than-expected profit and orders in the fourth quarter.

Credit: Reuters/Michael Buholzer

ZURICH (Reuters) - Swiss industrial group ABB (ABBN.VX) posted a smaller-than-expected net profit in the first-quarter, as clients shied away from big industrial investments and U.S. growth slowed.

The world's biggest supplier of industrial motors and power grids said first-quarter net profit fell 3 percent to $664 million. Analysts in a Reuters poll had forecast net profit of $710 million francs.

Engineering groups like ABB and German rival Siemens (SIEGn.DE) are keeping a firm grip on costs as a sluggish global economy saps demand for factory equipment and prompts clients to postpone capital investment.

(Reporting by Caroline Copley)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.