ZURICH, Jan 22 (Reuters) - ABB said on Wednesday its power division would miss quarterly profit targets after $260 million in charges due to project delays following storms in the North Sea and restructuring costs.
“While the performance of four divisions was in line with our expectations during the fourth quarter, the issues we face in power systems are disappointing,” the technology company’s Chief Executive Ulrich Spiesshofer said in a statement.
“This means we will not be able to deliver our profitability target for the division in the quarter.”
ABB said it expected overall earnings per share in the fourth quarter, which it reports on Feb. 13, to be $0.23. (Reporting By Katharina Bart; Editing by Supriya Kurane)