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ABB Ltd. Reports Better-Than-Expected Second-Quarter Results Jul 03
Standard & Poors, July 2003
Abstract
FRANKFURT (Standard & Poor's) July 30, 2003--Standard & Poor's Ratings Services said today its ratings on Switzerland-based engineering company ABB Ltd. (BB+/Negative/B) are unaffected by the group's second-quarter results, which were slightly better than expected. ABB's core Automation Technologies and Power Technologies divisions demonstrated a solid performance in a difficult trading environment, with satisfactory order intake, continued earnings improvement as a result of restructuring activities, and a sound generation of cash flows supported by seasonal working capital movements. At group level, the strong operating cash flows from the core divisions were, however, offset by still high corporate expense, poor performance of the Building Systems unit, restructuring costs, and settlement payments for the group's asbestos CE Settlement Trust. ABB's liquidity position...
Companies mentioned in this report are: ABB Ltd.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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