ABB profit decreases due to China, oil rig lull
ABB Ltd, the power-grid maker that has activist Cevian Capital as a shareholder, said third-quarter profit dropped 21 percent amid a slowdown in China and lower demand for controls and equipment to operate plants and oil rigs. Net income declined to $577 million from $734 million, the Oerlikon, Switzerland-based company said onWednesday. Earnings before interest, taxes and amortization fell 9 percent to $1.08 billion. Analysts had estimated $1 billion, on average.