ABB reports 30% hike in fourth quarter profit
Swiss power and automation firm sees healthy rise in income despite lower revenue.
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.”