ABB second-quarter net profit falls more than expected
ZURICH, July 23
ZURICH, July 23 (Reuters) - Swiss engineering group ABB posted a bigger-than-expected fall in second-quarter net profit, hit by depreciation and amortisation and a weak performance in its loss-making power systems unit.
ABB, which makes products ranging from electricity substations to industrial robots, said net profit fell 17 percent to $636 million. Analysts in a Reuters poll had forecast net income of $706 million.
The profit figure included $333 million of depreciation and amortisation, of which $100 million was related to acquisitions, ABB said.
The Zurich-based company stuck to its cautious outlook, saying uncertainty in some emerging markets may offset more encouraging signs in the United States and parts of Europe. (Reporting by Caroline Copley; Editing by Michael Urquhart)