ABB second quarter profit rise misses expectations, orders fall
ZURICH, July 25
ZURICH, July 25 (Reuters) - Swiss industrial group ABB said it was confident it would see profitable growth, even as second-quarter net profit missed expectations and orders fell due to a restructuring of its power unit.
"Our outlook for the rest of the year remains unchanged from the end of the first quarter," outgoing Chief Executive Joe Hogan said in a statement.
"Macro indicators are increasingly mixed, which makes predicting the timing of orders more difficult, especially large project orders. However, our strong backlog will continue to partly mitigate that uncertainty."
Second-quarter net profit rose 16 percent to $763 million, compared to the average forecast in a Reuters poll for a jump of 20.6 percent to $791 million.
Orders fell 7 percent on the year to $9.312 billion.