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FILE PHOTO: The logo of the Swiss group of ABB energy and automation technology is visible at the company's annual press conference in Zurich, Switzerland, on February 28, 2019. REUTERS / Arnd Wiegmann / File Photo
ZURICH (Reuters) – ABB (ABBN.S) recorded a drastic drop in net profit in its second quarter, as the Swiss engineering company charged fees for discontinuing its solar inverter business earlier this month.
In its first set of results with its new structure and under the leadership of Acting Managing Director, Peter Voser, ABB recorded a net profit down 91% to $ 64 million from $ 681 million a year ago. Analysts gathered in a consensus gathering companies expected a net profit of $ 2 million.
The figure was reached by ABB, which paid $ 455 million to sell its sunless solar inverter business to the Italian company FIMER SpA.
During the quarter, ABB's revenue increased 7 percent to $ 7.17 billion, which is below expectations of $ 7.19 billion.
Reporting by John Revill, edited by John Miller
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