ABB Ltd. (ABB: Quote) reported that first quarter net income attributable to company increased 5 percent to $685 million from $655 million in the same period last year. Basic net income per share was $0.30, compared to $0.29 in the previous year period.
Revenues were $8.907 billion, versus $8.402 billion in the year-ago quarter. The company said that revenues increased in all divisions and were 8 percent higher than the same quarter a year earlier, led by 21% growth in Discrete Automation and Motion and 9 percent in Power Products.
Operational EBITDA declined 7 percent, with an operational EBITDA margin of 13.9 percent.
The company noted that more than half of its profitability decline was attributable to the challenging demand environment in China, especially in the construction and transportation sectors.
Looking forward, the company said that the long-term outlook for company remains positive and added that overall demand to provide ample opportunities for profitable growth in 2012 and also confirmed its longer-term Group and divisional targets.
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by RTT Staff Writer
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