ABB - 4th quarter and full year 2018
Solid growth and lower profit
ABB has now announced its figures for the 2018 financial year: With growth of 8% in order intake and 4% in sales, Group management is very satisfied.
"In 2018, we set the course for ABB 's realignment as an innovative technology leader for digital industries," said Ulrich Spiesshofer when announcing the figures. ABB continued to systematically shift its focus. The company reduced risks in its portfolio and improved its prospects for organic growth. According to Spiesshofer, ABB made further progress in exiting the EPC business. For example, ABB transferred its turnkey AC substation business to Linxon, a newly established joint venture with SNC Lavalin. ABB also strengthened the competitiveness of its Electrification Products division with the acquisition of GE Industrial Solutions (GEIS), which was completed on June 30, 2018. The integration is progressing well. GEIS's performance in the second half of 2018 was in line with management's expectations.
On December 17, 2018, ABB announced fundamental measures to focus and simplify the company and to strengthen its technology leadership in digital industries. These measures include the sale of the Power Grids division. As a result of the announced sale, the results of Power Grids are now reported as discontinued operations.
Net income attributable to ABB amounted to USD 2.2 billion, 2% lower than in 2017. Changes in the business portfolio, including the acquisition of GEIS, had a positive impact of 8% on sales. Exchange rate movements had a negative translation effect of 4 % on sales.
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