ABB – Q1 revenues steady despite economic challenges
- Large order growth offset by strong decline in base orders – order backlog up $1.2 billion vs the end of Q4 2008
- Local-currency revenues up on backlog execution, base business decreases
- EBIT at $862 million, cost take-out target increased to $2 billion by 2010
- Net income at $652 million
Zurich, Switzerland, April 23, 2009 – ABB’s first-quarter 2009 revenues rose 3 percent in local currencies as execution of the solid order backlog offset lower sales of standard products and declining base business compared to the same quarter in 2008…..more at ABB.com
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