Salem Radio Network News Sunday, August 7, 2022

Business

ABB Q2 profit plunges on legacy charges and decision to quit Russia

ZURICH (Reuters) – ABB reported a 50% drop in shareholders’ profit during its second quarter as the Swiss engineering and technology company took hefty charges from exiting fringe businesses and its decision to quit Russia following the war in Ukraine.

Net income fell to $379 million from $752 million a year earlier, missing analyst forecasts for $467 million in a company-gathered consensus.

The company took a $195 million charge from exiting old businesses like train retrofitting work as well as its decision to quit Russia, which triggered a charge of $57 million.

(Reporting by John Revill, Editing by Miranda Murray)

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