ZURICH, April 24 (Reuters) - Swiss industrial group ABB posted a smaller-than-expected net profit in the first-quarter, as clients shied away from big industrial investments and U.S. growth slowed.
The world’s biggest supplier of industrial motors and power grids said first-quarter net profit fell 3 percent to $664 million. Analysts in a Reuters poll had forecast net profit of $710 million francs.
Engineering groups like ABB and German rival Siemens are keeping a firm grip on costs as a sluggish global economy saps demand for factory equipment and prompts clients to postpone capital investment. (Reporting by Caroline Copley)