ABB expected to post record Income this Quarter

ABB Ltd (NYSE, ABB), a company specializing in Power Transmission and Automation, has announced that they will be reporting a net income of $1 billion this third quarter after deciding not to put in more money for an expected price fixing charge by the European Union. This rise represents an increase of 7.9% of income from the previous year.

Even with the rise, ABB remains cautious and have set aside money for the European Unions’ assessed fines, 33.8 Million Euros for colluding power generation prices. They have also set aside a large sum of money for their operations in Russia. The added allocations to Russian operations are due to the tax disputes which may make the operation to expensive.