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ABB second quarter profit rise misses expectations, orders fall
July 25, 2013 / 4:26 AM / 4 years ago

ABB second quarter profit rise misses expectations, orders fall

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.

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