ZURICH (dpa-AFX) - Swiss engineering firm ABB Ltd.(ANN.L, ABB) reported that its second-quarter net income dropped to $64 million, from last year's $681 million. The latest-quarter result included $455 million charge related to planned exit of solar inverter business.
Basic earnings per share were $0.03, 91 percent lower year on year. Operational earnings per share of $0.34 was 10 percent lower.
Net loss from continuing operations was $54 million, compared to profit of $524 million in the prior year.
Revenues for the quarter rose 7 percent to $7.17 billion from $6.73 billion last year, with growth in Electrification, Industrial Automation and Motion outweighing a softer performance from Robotics & Discrete Automation. On a comparable basis, revenue improved 2 percent.
ABB expects annual operational EBITA margins to improve in 2019, aided by an improved GEIS performance, ongoing stranded cost elimination, non-core improvement and ABB's simplification program.
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