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ABB Q3 net profit meets expectations
October 25, 2012 / 4:20 AM / 5 years ago

ABB Q3 net profit meets expectations

* Q3 net profit $759 mln vs poll of $764 mln

* Says longer-term outlook positive

ZURICH, Oct 25 (Reuters) - Engineering firm ABB recorded third quarter net income in line with analysts’ expectations and said its long-term prospects were favourable, due to growing demand for energy efficiency and urbanisation in emerging markets.

The company, which competes with the likes of Siemens and General Electric, recorded net profit of $759 million for the months between July and September, a fall of 4 percent from a year earlier. Analysts polled by Reuters had forecast a net profit of $764 million.

“Notable positive trends were the strength of the U.S. market (and) the stability of orders in China,” it said of the factors that had contributed to its third-quarter result.

ABB, which makes components for the oil and gas industry and big infrastructure projects, has faced a period of tough competition on prices and weak demand as clients postpone capital expenditure and governments tighten their belts.

Yet the tide seemed to have turned with orders from key market China improving, ABB said in July.

Reporting by Catherine Bosley

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