Engineering group, ABB Ltd. reported a 29-percent decline in first-quarter. ABB Ltd. trades on the “New York Stock Exchange” under the stock symbol “ABB”. For More information regarding “ABB” or the Latest Stock Market Information, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
Join today and be part of the best free investment newsletter on the web where we focus on market moving news. Engineering group, ABB Ltd. (NYSE:ABB) reported a 29-percent decline in first-quarter net profits Thursday as fewer orders came in for power infrastructure projects. Profits for ABB Ltd equaled up to $464 million for the quarter ending March 2010. Large orders sank by 55 percent in local currencies and accounted for only 16 percent of total orders. In the same quarter a year ago, they amounted to over a quarter of all sales. Overall orders fell 12 percent to $8 billion, ABB said. They increased in the Americas, but fell significantly in Europe. Shares plunged 8.0 percent to close at 21.86 Swiss francs ($20.44) on the Zurich exchange. Earnings per share declined to $0.20, from $0.29 last year. (To Learn More About ABB Ltd)
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