Zurich / CH. (wib / abb) Power technology company, mill and bakery supplier ABB was thrown into crisis after its chief executive, who had steered the company back from the brink of bankruptcy, stepped down unexpectedly. While Forbes, Bloomberg, BBC and others comment Fred Kindle´s step («CEO departure leaves ABB in the dark» …), the company pre-announces its full-year and fourth-quarter 2007 results as follows:
ABB Fourth-quarter orders received were 8,9 billion USD (full-year 2007: 34,3 billion USD). Fourth-quarter revenues amounted to 8,7 billion USD (full-year 2007: 29,2 billion USD). Earnings before interest and taxes (EBIT) in the quarter reached 1,1 billion USD (full-year 2007: 4,0 billion USD) and the EBIT margin increased to 13,1 percent from 11,1 percent a year earlier (full-year 2007: 13,8 percent).
Net income in the fourth quarter amounted to 1,8 billion USD. Included in net income is a gain on the sale of ABB Lummus Global of 530 million USD and a positive impact of 475 million USD from the recognition of deferred tax assets. Full-year 2007 net income amounted to 3,8 billion USD compared with 1,4 billion USD in 2006. ABB will report its complete 2007 results and hold media and analyst briefings on February 14 as scheduled.
ABB is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs more than 110.000 people.
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