Switzerland

Switzerland

Offshore wind costs dampen ABB earnings

SWITZERLAND: ABB's Power Systems division broke even in the third quarter as net income slipped 94% due to costs in offshore wind.

ABB Power Systems broke even in the third quarter
ABB Power Systems broke even in the third quarter

ABB Power Systems posted pre-tax earnings of $9 million for Q3, down from $141 million in the same period last year.

The connection specialist said the decrease in earnings was due to "project-related costs" in offshore wind.

Power Systems' order book swelled in the quarter as well. It received $2.2 million in orders in the third quarter, compared to $1.2 million in Q3 last year.

In the quarter, ABB was handed deals to supply cables to Dong Energy's 258MW Burbo Bank extension off the UK's west coast. It will also deliver a transmission link for Vattenfall's 288MW Sandbank project in the German North Sea.

ABB group net income fell 13% for the quarter from $1.6 billion to $1.4 billion.

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