ABB earnings jump 30% in 1Q
ABB reported a 30% increase in earnings before interest and taxes and strong top-line growth for the first three months of 2006 compared to the same period in 2005.
Net income increased slightly to $204 million from $199 million in the same quarter in 2005, despite an $89 million expense in discontinued operations to account for the change in value of ABB shares to cover asbestos liabilities.
“We’ve made a great start into 2006,” said Fred Kindle, ABB president and CEO. “We delivered strong profitable growth in the first quarter thanks to our leading positions in fast-growing markets and our sharp focus on improving operational performance. The accounting treatment of the asbestos shares dampened otherwise solid growth in net income.”