ABB Ltd. (ABB) said that its third-quarter results will be positively impacted by change of provisions and accruals of about $380 million. As a result of adjustment, ABB expects to announce third quarter net income of about $1 billion.
ABB said that its third-quarter accruals will also include an increase in charges relating to the challenges of doing business in Russia. As a result, ABB said that it continues reviewing the situation and assessing its business model in Russia.
The company said that its provisions as at the end of the third quarter will be impacted primarily by changes in the provisions relating to alleged anti-competitive practices.
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