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| ABB reports record quarter Swiss engineering group ABB reported record orders, revenues and earnings before interest and taxes (EBIT) in the second quarter of 2008, with net income reaching $975 million. EBIT reached $1.4 billion, up 42 percent from a year earlier. The EBIT margin increased to 16.1 percent from 14.4 percent in the second quarter of 2007. Orders increased in all divisions in a strong market and were up 31 percent (local currencies: 19 percent) to a single-quarter record of $11.3 billion. It was also the first quarter in which orders from emerging markets exceeded orders from the mature economies, accounting for 51 percent of total orders received. Revenues increased by 27 percent (local currencies: 15 percent) to $9 billion. Net cash at the end of the second quarter was $6 billion compared to $5.6 billion at the end of the previous quarter. Cash flow from operations increased by approximately $580 million compared to the second quarter of 2007. Investments in working capital in the quarter were more than $200 million lower than in the same period in 2007. Also included in cash flow from operations was a planned payment to asbestos trusts of $25 million. write your comments about the article :: © 2008 Construction News :: home page |