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    ABBN   CH0012221716

ABB LTD

(ABBN)
  Report
Delayed Swiss Exchange  -  11:32 2022-09-23 am EDT
25.20 CHF   -1.56%
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ABB Q2 profit plunges on legacy charges and decision to quit Russia

07/21/2022 | 01:03am EDT
Logo of Swiss power technology and automation group ABB is seen during the company's annual news conference in Zurich

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)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD -1.56% 25.2 Delayed Quote.-27.79%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -5.05% 56.87 Delayed Quote.-20.07%
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Financials (USD)
Sales 2022 29 488 M - -
Net income 2022 2 438 M - -
Net Debt 2022 3 813 M - -
P/E ratio 2022 20,4x
Yield 2022 3,43%
Capitalization 48 639 M 48 639 M -
EV / Sales 2022 1,78x
EV / Sales 2023 1,69x
Nbr of Employees 106 380
Free-Float 82,7%
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Technical analysis trends ABB LTD
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 25,69 $
Average target price 32,98 $
Spread / Average Target 28,4%
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Managers and Directors
Björn Klas Otto Rosengren Chief Executive Officer
Timo J. Ihamuotila Chief Financial Officer
Peter R. Voser Chairman
Jacob Wallenberg Vice Chairman
David Edward Constable Independent Non-Executive Director
Sector and Competitors