ZURICH (dpa-AFX) - Swiss engineering firm ABB Ltd.(ANN.L, ABB) Thursday reported first quarter operational net income of $669 million and operational earnings per share of $0.31 compared to $0.28 a year ago.
The company said net income fell 21 percent to $572 million from last year's $724 million. Earnings per share dropped to $0.27 from $0.34. The year-ago results included a gain from the divestment of ABB's cables business.
Revenues grew 10 percent to $8.63 billion from last year's $7.85 billion. Revenues on a comparable basis edged up 1 percent, impacted by lower opening backlog.
Total orders rose 16 percent from last year to $9.77 billion, and comparable orders increased 6 percent with growth in all divisions.
ABB CEO Ulrich Spiesshofer said, 'We started 2018 with order growth in all divisions, improved revenues and operating results. The integration of B&R is well on track and we are preparing diligently for the closing and subsequent integration of GE Industrial Solutions which we expect to happen in Q2 2018.'
Looking ahead, ABB said the attractive long-term demand outlook in its three major customer sectors - utilities, industry and transport & infrastructure - is driven by the Energy and Fourth Industrial Revolutions.
Macroeconomic signs are trending positively in Europe and the United States, with growth expected to continue in China, the company added.
Copyright RTT News/dpa-AFX