ABB recorded a sales drop of 9 per cent as the company suffered from a decline in orders from its power business in Q4 of last year.

The company said in a statement that net income was $680m in the fourth-quarter, compared with an analyst estimate of $694m. Orders fell 6.4 percent to $9.4bn, led by a 20 per cent decline in the power systems division, whose 15 per cent revenue decline was a chief reason for the overall disappointing results.
Ulrich Spiesshofer
Chief Executive Officer Ulrich Spiesshofer, in a video message on ABB‘s website, said, “Higher like-for-like revenues in the company’s short-cycle businesses, especially in low-voltage products, were not sufficient to offset revenue decreases in the power divisions.”

He added, “We need to focus on our cost reduction and our improvement on our working capital.”