Switzerland-based power and automation company ABB reported sales for the second quarter of $9.2 billion, a 10 percent decrease compared to the same period a year ago, but a 3 percent increase on a like-for-like basis. Profit decreased 8 percent to $588 million.
Year-to-date sales were $17.7 billion, down 10 percent from the prior-year period, but up 3 percent on a like-for-like basis. Profit decreased 2 percent to $1.2 billion.
“As anticipated, our order development reflects a tougher market environment and weaker demand in oil and gas, China and the US compared to a strong second quarter last year,” said CEO Ulrich Spiesshofer.