ABB: falls further after quarterly trading update.
(CercleFinance.com) - The ABB share is down 1.
3% shortly just before 10 am in Zürich, being the sharpest faller on the SMI.
The share already fell almost 2.8% yesterday, after the group published disappointing quarterly figures.
Although net earnings increased by 29% to 525 million dollars, due to a favourable comparison basis (substantial restructuring charges were booked in Q2 2016), the industrial group did not meet market expectations. Indeed, it fell short of the consensus of 597 million dollars.
Its operating profitability deteriorated further over one year, with EBIT down 7% to 1.04 billion dollars. The consensus was more confident at this level too - expecting 1.1 billion dollars. Meanwhile, sales fell by 3% (+1% excluding FX factors) to 8.35 billion dollars, compared with 8.58 billion expected by the market.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
3% shortly just before 10 am in Zürich, being the sharpest faller on the SMI.
The share already fell almost 2.8% yesterday, after the group published disappointing quarterly figures.
Although net earnings increased by 29% to 525 million dollars, due to a favourable comparison basis (substantial restructuring charges were booked in Q2 2016), the industrial group did not meet market expectations. Indeed, it fell short of the consensus of 597 million dollars.
Its operating profitability deteriorated further over one year, with EBIT down 7% to 1.04 billion dollars. The consensus was more confident at this level too - expecting 1.1 billion dollars. Meanwhile, sales fell by 3% (+1% excluding FX factors) to 8.35 billion dollars, compared with 8.58 billion expected by the market.
Copyright (c) 2017 CercleFinance.com. All rights reserved.