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In The News:

ABB Sales Flat in 2Q

Switzerland-based power and automation company ABB reported sales for the second quarter of $10.2 billion, unchanged year-over-year. Profit decreased 17 percent to $636 million.

Orders were mixed across Europe; orders increased in Russia, the Netherlands and Germany and declined in Norway, the UK and France. The strong order development in the Americas partly reflects the large power transmission order won in Canada in the quarter, as well as a double-digit order increase in the U.S. and a significant increase in Brazil compared with the low levels of 2013.

Asian order growth was led by double-digit increases in China – especially in power products and discrete automation and motion – Indonesia and South Korea. Orders decreased in India. Orders increased in the Middle East and Africa – including strong double-digit growth in Saudi Arabia – mainly on higher demand in the power divisions.

Year-to-date sales were $19.7 billion, down 1 percent from the prior-year period. Profit decreased 17 percent to $1.2 billion.

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