ABB Ltd. (ABB) reported third quarter net income of $1.03 billion, up 12% from US$927 million in the comparable quarter last year. The company noted that latest quarter results included a $380-million net gain for various previously-announced provision adjustments. Basic net income per share for the quarter of US$0.45, versus US$0.41 in the last year quarter.
Revenues for the quarter fell 10% to US$7.91 billion from US$8.79 billion in the year-ago quarter. Earnings before interest and taxes for the quarter was US$1.4 billion, up 10% from US$1.29 billion in the prior year quarter.
The company noted that outlook for its businesses over the rest of 2009 and into 2010 remains uncertain.
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