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Switzerland-based power and automation company ABB reported sales for the first quarter of $10.4 billion, a 1 percent decrease compared to the same period a year ago. Organic sales decreased 3 percent. Profit decreased 18 percent to $544 million.
“With the divestiture of Thomas & Betts HVAC business, and the Power-One Power Solutions business, we are making good progress in our portfolio pruning efforts.” said Ulrich Spiesshofer, CEO.
“We remain on track in four divisions who combined to deliver higher early-cycle orders, steady earnings and stronger cash flow in the first quarter. Strong order growth and cash generation in discrete automation and motion and solid revenue execution in low voltage products were highlights in the quarter.”