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by Stephanie Neil, MA Editorial Staff
Posted on Friday, February 16, 2007 4:25:00 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | With asbestos legalities and restructuring behind it, ABB reports strong growth in revenues and income for 2006. |
| Keywords: | ABB, process systems, robotics, automation, asbestos litigation, power systems, power products, record income, revenues, fourth quarter results |
ABB rode a tide of infrastructure build-outs around the world to a solid fourth quarter and higher-than-expected earnings, the company reported today. In fact, said ABB president and CEO Fred Kindle on a conference call announcing the results, strong growth in net income made 2006 "a record year." In the fourth quarter ended Dec. 31, 2006, ABB reported revenues of $7.1 billion, up 21% (in U.S. currency) over the $5.9 billion reported in the same period of 2005. Fourth-quarter earnings before interest and taxes (EBIT) increased 43% year over year to $744 million. For the year, the company reported net income of $1.4 billion, an impressive gain of 89% over the $735 million reported in 2005. Revenue, at $24 billion, was up 11% over 2005. [Click to continue] |
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