ABB posts 11% profit though automation lags
Based mostly on its recent mergers and capital sales, ABB recently reported an 11% profit on net income of $1.3 billion during 1998. Though orders declined 10% to $31.5 billion in 1998 from $34.8 billion in 1997, ABB's profits still increased following adjustments for its acquisitions and divestments.
Based mostly on its recent mergers and capital sales, ABB recently reported an 11% profit on net income of $1.3 billion during 1998. Though orders declined 10% to $31.5 billion in 1998 from $34.8 billion in 1997, ABB’s profits still increased following adjustments for its acquisitions and divestments. ABB’s financial improvement was also supported by increased earnings in power generation and transmission, oil, gas and petrochemicals, and financial services. However, ABB’s automation business, which the company described as “promising,” slipped due to “cyclical weakness in demand, project cost overruns, and exceptional Y2K costs.”
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