ABB quarterly profit plunges on automotive slowdown, solar business charge [CNBC]
HITACHI LTD ADR (HTHIY)
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Source: CNBC
ABB quarterly profit plunges on automotive slowdown, solar business charge In the first set of earnings under a new structure and with interim Chief Executive Officer Peter Voser at the helm, ABB's net profit plunged 91% to $64 million, from $681 million a year earlier. Analysts had expected a net profit of $2 million, according to a company-gathered consensus. The quarterly results included a $455 million charge to offload the company's loss-making solar inverter business to Italy's FIMER. ABB also cited a slowdown in the automotive sector, a major customer of its industrial robots. The maker of industrial robots and electrification products is currently in the middle of a major overhaul, selling its power grids business to Japan's Hitachi Ltd 6501.T and reorganising its remaining operations into four divisions. ABB on said on Wednesday it had begun a review of its integrated direct current power business, the latest step in the Swiss engineering company's overhaul to tackle years
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