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| ABB keeps revenues stable Swiss engineering firm ABB reported second-quarter revenues of $7.9 billion - a 2-percent decline in local currencies – and earnings before interest and taxes (EBIT) of $1 billion, despite higher restructuring-related costs to adapt to the challenging economic environment. Orders decreased to $7.3 billion compared to the same record quarter in 2008, primarily the result of sharply lower demand in industrial markets. The EBIT margin decreased to 13.2 percent from 16.1 percent a year ago. The decrease was mainly the result of lower volumes in short-cycle businesses and restructuring-related costs of approximately $120 million. Net income amounted to $675 million, mainly reflecting the decrease in EBIT. Cash from operations reached $1.1 billion, reflecting both the timing of large project payments and a focus on improving net working capital. Net cash at the end of June amounted to $5.7 billion, up from $4.8 billion at the end of the previous quarter. write your comments about the article :: © 2009 Construction News :: home page |