Deals
ABB's Profit Beats Estimates on Orders from Power Utilities
- Maker of power grids reports lower first-quarter profit
- Full-year earnings consensus is `too low,' Morgan Stanley says
This article is for subscribers only.
ABB Ltd.’s quarterly profit fell less than expected after orders from power utilities helped the grid maker to withstand a slowdown in some emerging markets and in the oil and gas industry.
Demand is “better than was generally thought,” Morgan Stanley analysts including Ben Uglow said in a note. First-quarter results point to an earnings consensus for the full year that is “too low.”