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.
- Favorable markets fuel continued organic growth in orders and revenues
- EBIT up 30 percent to $509 million, EBIT margin at 9.4 percent
- Net income at $204 million despite $89-million impact of asbestos shares
- Cash flow from operations improved $249 millionZurich, Switzerland, April 27, 2006 - ABB today reported a 30-percent increase in earnings before interest and taxes (EBIT) 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."
