ABB sales results disappoint analysts
Europe's largest industrial technology group, ABB, posted first quarter sales figures on Tuesday that fell short of analysts' expectations.
Sales increased just two per cent year on year to SFr9.15 billion ($5.38 billion), a figure short of market forecasts. New orders slipped five per cent to SFr11.54 billion.
There was a six per cent increase in operating income but this too disappointed most analysts.
The Swiss-Swedish group said, however, it expected to see much higher comparative earnings growth in the second half of the year.
"I'm encouraged that we continue to improve our performance, especially as demand has been mixed and we are implementing a major transformation of the company," said chief executive, Jörgen Centermann.
ABB had zero earnings growth in the fourth quarter of 2000.
The company's stock has lost almost 40 per cent of its value over the past 12 months.
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