ABB Profit Beats Estimates as Cost Cutting Delivers Benefit
- Swiss grid maker blames 8% drop in orders on contract timings
- Market impacted by uncertainties such as U.K. exit from E.U.
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ABB Ltd. beat estimates for quarterly profit as the world’s largest maker of power grids pushed ahead with cost cutting in a bid to counter a drop in large orders.
Operational earnings before interest, taxes and amortization rose 5 percent to $1.1 billion, with savings and improved productivity helping to boost margins, the Oerlikon, Switzerland-based company said in a statement on Thursday. ABB cut a fifth of the workforce at its Zurich headquarters and moved finance and human resources to India and Poland.