ABB is considerably worse than last year in terms of both profit, revenue and orders. But the result for the second quarter was higher than analysts had expected.
The Swiss-Swedish engineering group reported a net profit of $ 588 million, equivalent to approximately 5 billion crowns, for the second quarter. That compares with profit of 636 million kronor a year ago.
Analysts had on average expected a profit of $ 548 million, according to Reuters.
Revenues decreased to $ 9.165 billion from $ 10.19 billion a year earlier. Orders declined to $ 8.996 billion, from $ 10.567 billion.
Wallenberg sphere of power companies Investor is the largest shareholder in ABB, with 9.5 percent of shares. The second largest shareholder, after the big stock purchases lately, financier Christer Gardell’s venture capital company Cevian with a holding of 5.1 percent.
President Spiesshofer writes in the report that the order development reflects a tougher market and weaker demand in oil and gas in China and the United States. He also points out that the comparative quarter was strong.
Regarding the outlook looks ABB “a mixed picture, with continued uncertainty”.
“Some macroeconomic characters The US is still positive and growth in China is expected to continue but at a slower pace than in 2014, “the company, which also sees the influence of the modest growth in Europe and geopolitical tensions in different directions.
ABB expects that the low oil price and exchange rate effects continue to affect the company’s results.
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