ABB reports profit plummet

|About: ABB LTD. (ABB)|By:, SA News Editor

ABB (NYSE:ABB) reported worse-than-expected earnings for Q2 and outlined a need for another review of its operations despite already shedding some of its fringe businesses.

Net profit for Q2 fell 17% to $636M from $763M Y/Y; Consensus expected $716M.

Revenue dropped 0.4% to $10.19B from $10.23B Y/Y.

EBITDA was impacted by a loss in the PS division related to ongoing charges in large engineering, procurement and construction projects for offshore wind and solar power generation. Operational EBITDA sunk 15% to $1.33B from $1.56B.

The company did see growth though from orders during the quarter, climbing 12% to $10.6B, compared with the same quarter in 2013.

Q2 earnings