April 24, 2013 / 4:16 AM / in 5 years

ABB first-quarter net profit falls 3 pct

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)

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