ABB Profit Margin Widens as Cost Cuts Help Offset Slowdown
- Fourth-quarter Ebita margin rises 60 basis points to 11.7%
- Swiss company sees Chinese growth in 2016 -- at slower pace
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ABB Ltd. fourth-quarter profit margin widened as the Swiss maker of industrial robots cut costs to offset a slowdown in China and the oil and gas industry.
A cost-reduction program lifted the operating margin for earnings before interest, taxes and amortization 60 basis points to 11.7 percent in the three months through December, the Oerlikon, Switzerland-based company said in a statement on Wednesday. Net income fell 70 percent to $204 million, although that included $496 million of reorganization charges.