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Friday, 28 October 2016 09:52

ABB’s orders decline, but cost savings improve profitability

ABB’s orders decline, but cost savings improve profitability Photo: ABB

Switzerland, Zurich: ABB said the company’s third-quarter orders declined 14 per cent due to the hesitation of customers although the cost-saving programs helped improve the Swiss power transformer maker's profit margin, according to the official press release.

The company reported net profit of $568 million for the three months ending on September 30, which is a decline from $577 million a year earlier.

Orders declined from $8.77 billion to $7.53 billion.

The company's operating earnings before interest, taxes and amortisation rose to 12.6 per cent from 12.5 per cent, thanks to the cost-savings program and partnerships made with other companies to mitigate the risks on big projects.

Source: ABB

Additional Info

  • Continent: Europe
  • Category: Business