ZURICH, July 24 (Reuters) - ABB reported a drastic reduction in net profit during its second quarter as the Swiss engineering company took a charge for ditching its solar inverters business earlier this month.
In its first set of earnings under its new structure and with interim Chief Executive Peter Voser at the helm, ABB reported net profit plunging 91% to $64 million, from $681 million a year earlier. Analysts in a company-gathered consensus had expected net profit of $2 million.
The figure was hit by ABB taking a $455 million charge to offload its loss-making solar inverter business to Italy’s FIMER SpA.
During the quarter ABB’s sales rose 7% to $7.17 billion, short of forecasts for $7.19 billion.
Reporting by John Revill, editing by John Miller