ABB Reports 30% Increase in Earnings for Q1 2006
Zurich, 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."

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