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)
- Israel holds off on escalating Gaza barrage; West wants truce |
- Russia warns Ukraine after shell crosses border |
- Three dead, two wounded in Pasadena, California shootings
- As some high-risk assets take a hit, investors fear worse is to come
- Heavy fighting breaks out near Libya's Tripoli airport, seven dead