Switzerland-based power and automation company ABB reported sales for the first quarter of $7.9 billion, an 8 percent decrease compared to the same period a year ago, and a 2 percent decrease on a like-for-like basis. Profit decreased 11 percent to $500 million.

“Our strategic initiatives are driving enhanced productivity and capital management,” said CEO Ulrich Spiesshofer. “We continue relentless execution and capacity adjustments, for example in Discrete Automation and Motion, where we have improved margins sequentially. Furthermore, the newly formed Power Grids and Electrification Products divisions started within the target margin corridor.”