Switzerland-based power and automation company ABB reported full year sales for 2014 of $39.8 billion, a decrease of 4.8 percent from 2013. Profit decreased 6.9 percent to $2.6 billion.
Fourth quarter sales were $10.4 billion, a decrease of 9 percent from the same period the previous year. Profit increased 29.5 percent to $680 million.
In 2014, orders were steady to higher in all regions and divisions despite a challenging market environment. Large orders (above $15 million) grew 50 percent while base orders were 4 percent higher.
“2014 was a demanding year where we had to overcome the challenges of Power Systems and a low order backlog,” said CEO Ulrich Spiesshofer. “We delivered on our ambition to achieve full-year profitability in Power Systems and took decisive actions to drive organic growth, cost-out and cash generation.”