ZURICH (dpa-AFX) - Swiss engineering firm ABB Ltd.(ANN.L, ABB) reported that its third-quarter net income attributable to the company declined 15 percent to $515 million from $603 million last year, reflecting lower net income from discontinued operations.
Basic earnings per share was $0.24, 15 percent lower year-on-year. Operational earnings per share of $0.33 declined 7 percent year-on-year.
'The Group delivered a robust performance for the quarter in the face of weaker macroeconomic conditions impacting some of our customer markets, above all robotics and automation,' said Peter Voser, Chairman and CEO of ABB.
Net income from continuing operations was $422 million, 1 percent lower year-on-year.
Revenues for the quarter decreased 3% to $6.89 billion from $7.10 billion in the previous year. Quarter revenues were flat on comparable basis.
Changes in exchange rates resulted in a negative translation impact on reported revenues of 2 percent and portfolio changes also had a negative impact of 1 percent.
Orders declined 1 percent on comparable basis or 3 percent in US dollars in the latest-quarter.
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.
For the year as a whole, the company continues to expect slight revenue growth and improved operating margins.
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