Dow Jones Newswires: ABB profit rises, but revenue falls amid ‘challenging market conditions’

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ABB Ltd. said Wednesday that its net profit for the fourth quarter of 2019 rose, while revenue declined.

The Swiss engineering company ABBN, +3.05% ABB, +3.66%  said its net profit rose to $325 million from $317 million the year-earlier period. Its operational earnings before interest, taxes and amortization jumped 22% to $710 million.

Quarterly revenue declined 4% to $7.07 billion, while orders for the quarter fell to $6.89 billion.

ABB said it had faced slowing short-cycle industrial demand, particularly in the U.S., and continuing market headwinds in some industries during the quarter.

“ABB gave a resilient performance in 2019 in the face of challenging market conditions and a significant transformation,” the company’s CEO Peter Voser said.

The company proposed a dividend of CHF0.80 per share.

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