ZURICH, Oct 23 (Reuters) - ABB reported a 15% drop in third-quarter profit on Wednesday after downgrading the value of some projects and said market conditions were weakening in the United States.
The factory robot to industrial drives maker’s net profit fell to $515 million from $603 million a year earlier. The figure beat the $363 million expected by analysts in a company-gathered consensus.
Profit fell as the company downgraded by $80 million the value of large projects in the Power Grids business it is selling to Japan’s Hitachi. ABB’s revenue fell 3% to $6.9 billion from $7.1 billion, the company said, missing the $6.94 billion expected by analysts.
Reporting by John Revill