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A man takes pictures of the logo of Swiss power technology and automation group ABB ahead of a news conference to present the company’s full year results, in Zurich, Switzerland, February 8, 2018. REUTERS/Moritz Hager/Files
ZURICH(Reuters) – ABB (ABBN.S) reported better than expected earnings during its fourth quarter as the Swiss engineering company forecast on Wednesday the global economy would grow at a similar trend as in 2019.
ABB said its net profit for the quarter rose 3% to $325 million, beating analyst estimates of $230 million in a company-gathered consensus. Sales fell 2% on a comparable basis to $7.07 billion, missing analyst forecasts of $7.14 billion. Orders rose a comparable 1% to $6.9 billion.
“The end-markets ABB operates in are showing resilience, with headwinds in some markets, particularly the automotive, machine builders, and conventional power generation sectors. Foreign exchange translation effects are expected to continue to influence the company’s results,” it said.
Reporting by John Revill and Michael Shields; Editing by Riham Alkousaa
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