Leading power and automation technology group, ABB, reported that orders, revenues and earnings before interest and taxes (EBIT) continued to improve in the second quarter of 2004, reflecting improved demand in most markets.
Higher earnings in the power technologies and automation technologies divisions, together with lower losses from non-core activities and discontinued operations, contributed to a net income of $86 million in the quarter compared to a loss of $55 million in the 2003 period. "The results underline our successful turnaround," said Jürgen Dormann, ABB chairman and CEO. "Most of the businesses in our core divisions continue to outperform the market. With a solid track record of achievement, we remain on course to achieve our 2005 targets."
Cash flow from operations was lower in the quarter, primarily due to costs associated with the divestiture of the upstream oil and gas business - completed in mid-July - and lower cash flow from operations in the power technologies division, due to an increase in working capital.
The company's 18-month Step change productivity improvement program was substantially concluded as planned at the end of June, yielding total cost savings of more than $900 million on an annualised basis. ABB ( www.abb.com) 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 about 105 000 people.
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