2-8-18 1:14 AM EST | Email Article
   By Nathan Allen 
 

ABB Ltd.'s (ABBN.EB) fourth-quarter net profit fell compared with the same period a year ago, due largely to charges associated with organizational changes announced late December, the company said Thursday.

Net profit at the Swiss industrial conglomerate was $393 million, down from a restated figure of $425 million a year earlier, the company said.

ABB restated its fourth-quarter and full-year results in 2016 after booking pretax charges of around $73 million relating to a multi-million dollar fraud at its South Korean subsidiary.

Revenue for the quarter rose 3% to $9.28 billion, from $8.99 billion in the year-earlier period, ABB said.

The company received $8.48 billion in new orders and its year-end order backlog stood at $22.41 billion, compared with $22.98 billion in December 2016.

ABB's board proposed a dividend of 0.78 Swiss francs ($0.83) a share, up by CHF0.02 on year.

 

Write to Nathan Allen at nathan.allen@dowjones.com

 

(END) Dow Jones Newswires

February 08, 2018 01:14 ET (06:14 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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