ABB Posts Higher Q1 Profit

posted upbeat earnings for the first quarter on Wednesday. ABB's quarterly net profit gained 3.7 percent to $564 million, compared to $544 million, in the year-ago period. Its sales slipped 9.6 percent to $8.56 billion versus $9.47 billion. However, analysts were expecting a profit of $550 million on revenue of $8.41 billion. Like-for-like orders gained 15 percent to $10.4 billion in the quarter. Operational earnings before interest, tax and amortisation slipped 9 percent to $949 million. ABB shares rose 0.41 percent to close at $22.06 yesterday.