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ABB reports 30% hike in fourth quarter profit

Swiss power and automation firm sees healthy rise in income despite lower revenue.

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Ulrich Spiesshofer
Ulrich Spiesshofer

ABB’s fourth-quarter net income climbed by around 30% to $680mn from $525mn in the same period a year earlier as the company’s ‘Next Level Strategy’ began to take effect.

However fourth quarter revenue fell to $10.34bn from last year's $11.37bn due to lower order backlogs.

The Zurich-based power and automation giant reported a decline in orders of 6% to $9.36bn from $10bn in the prior year.

However the company has witnessed a recent pick up in its previously underperforming power system division.

Chief Executive Officer Ulrich Spiesshofer said the Next Level strategy has put the company in a “strong position to manage the global uncertainties heading into 2015.”

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