BERN: Switzerland’s ABB Ltd. (ABBN.EB) reported a slight rise in third-quarter net profit on Thursday, while revenue increased 6% largely due to higher orders from Europe and the Americas. Net profit at the Swiss industrial conglomerate was $571 million, up from $568 million a year earlier, but missing a consensus forecast of $579 million provided by FactSet. The company said increased operational profitability was offset by higher restructuring and acquisition-related expenses compared with the same period a year ago.
Revenue grew to $8.72 billion, up from $8.26 billion a year earlier. In July ABB closed the acquisition of Austrian robotics and automation provider B&R for an undisclosed amount, then in September agreed to acquire General Electric Co.’s (GE) industrial solutions unit for $2.6 billion. Total orders were 8% higher on the year in U.S. dollar terms, driven largely by strong demand in Europe and the Americas, which compensated for a slight decrease in orders from China. In the U.K., the company won a $130 million order to provide power transmission infrastructure for the new Hinkley Point C power plant. Chief Executive Ulrich Spiesshofer said the company would now focus on profitable organic growth.
