ABB first-quarter net profit falls 3 percent
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)
- Army officer takes charge in Burkina Faso, ousting general |
- UK says will pay off part of World War One-era debt next year
- Kurdish peshmerga forces enter Syria's Kobani after further air strikes |
- Test flight of Virgin Galactic spaceship ends in fatal crash in California |
- Test flight of Virgin Galactic spaceship ends in fatal crash in California