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ABB GROUP REPORT FOR THE FIRST THREE MONTHS OF 1992

 ABB GROUP REPORT FOR THE FIRST THREE MONTHS OF 1992
 ZURICH, Switzerland, May 19 /PRNewswire/ -- The ABB Asea Brown


Boveri Group reported today that orders received for the first three months of 1992 amounted to $7.8 billion, an increase of 1 percent compared to the corresponding period last year (three months 1991: $7.7 billion). Increases in orders received were reported by the power plants, industry and transportation business segments.
 Large orders included a $125 million contract from the United States for six gas turbines, several construction projects for petrochemical facilities and a number of railway equipment orders from Switzerland, Germany and Spain.
 Revenues for the first three months of 1992 totaled $6.5 billion or 2 percent higher than revenues for the corresponding period 1991 (three months 1991: $6.3 billion). The order backlog on March 31, 1992, was $26.5 billion.
 ABB Group operating earnings after depreciation for the first three months 1992 totaled $407 million, which is 4 percent above last year (three months 1991: $390 million). Earnings after financial items amounted to $225 million, a decrease of 3 percent from last year (three months 1991: $231 million.)
 Growth in earnings was reported by several of the infrastructure related businesses, such as power plants and power transmission, as well as financial services. The power distribution, industry and environmental control business segments, which mainly serve customers with industrial investment goods, standard products and construction related equipment, recorded lower earnings. Income before taxes amounted to $222 million.
 ABB is late in the business cycle and has not yet experienced an economic upturn on any of the OECD markets. Demand from Asia continues to be strong, and several large orders have been received from this region since the end of the reporting period. The pace of personnel reductions substantially exceeded 1,000 per month during the first quarter of 1992. These cost reductions should lead to improved productivity and compensate for weak conditions on several markets. The earlier forecast that earnings after financial items for the full year 1992 were expected to reach about the level of 1991 remains unchanged.
 ABB ASEA BROWN BOVERI GROUP
 Consolidated Income Statement
 (US$ in millions)
 3 Months 3 Months
 1992 1991 1991
 Revenues $ 6,482 $ 6,344 $ 28,883
 Material expenses (2,502) (2,442) (11,764)
 Personnel expenses (2,390) (2,284) (9,482)
 Other expenses (1,193) (1,250) (4,911)
 Change in work in progress
 and finished goods 222 222 1
 Depreciation of fixed assets (212) (200) (819)
 Operating earnings after
 depreciation 407 390 1,908
 Earnings from associated
 companies 3 1 19
 Dividend income 3 4 13
 Interest income 206 282 798
 Interest on advances (95) (76) (440)
 Interest expense (297) (377) (1,158)
 Exchange and translation
 differences (2) 7 13
 Earnings after financial items 225 231 1,153
 Nonrecurring items (3) 13 (105)
 Income before taxes $ 222 $ 244 $ 1,048
 NOTE: Exchange rates used in the above income statement are average for the respective period. The average exchange rates for the Swiss Franc and the Swedish Krona are stated below:
 3 Months 3 Months
 1992 1991 1991
 1.00 US$ equals SFr.: 1.44 1.32 1.42
 1.00 US$ equals SKr.: 5.82 5.75 6.01
 -0- 5/19/92
 /CONTACT: Karen Armour of ABB, 203-328-2217, or home, 203-655-9461/ CO: ABB Asea Brown Boveri Group ST: Connecticut IN: SU: ERN


GK -- NY010 -- 1652 05/19/92 08:45 EDT
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Publication:PR Newswire
Date:May 19, 1992
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