ABB 4Q Net Profit Fell, Orders Declined
February 02 2023 - 1:48AM
Dow Jones News
By Pierre Bertrand
ABB Ltd said Thursday that its net profit declined in the final
quarter of 2022 as orders declined.
The Swiss technology group said it made $1.13 billion in net
profit for the fourth quarter compared with $2.64 billion for the
prior-year period on revenue that increased 3% to $7.82
billion.
Analysts had expected $718 million in net profit and $7.63
billion in revenue that analysts had expected, according to a
company-compiled consensus of the fourth quarter.
ABB said its quarterly cashflow was weighed down by $315 million
due to earlier announced settlements for Kusile project.
The company's orders declined 8% to $7.62 billion.
ABB said it was proposing an ordinary dividend of 0.84 Swiss
francs (92 cents) a share, up from CHF0.82 the previous year
It said that for 2023 it doesn't anticipate a major setback in
demand, although the high inflationary environment adds
uncertainty. It said that order growth in the first half of the
year should start reflecting the normalization of customer
orders.
The company separately said that its board of directors has
nominated Denise Johnson, the group president of Caterpillar Inc.,
to join as a new member at the company's upcoming annual general
meeting on March 23,, replacing Satish Pai who will step down.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
February 02, 2023 01:33 ET (06:33 GMT)
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