BERN: Net profits rose four percent to $564 million (514 million euros), the group said in a statement, adding that big orders had doubled. It also reported strong growth in three key markets — the United States, China and Germany.
Analysts polled by the Swiss financial news agency AWP had forecast net profits of $544 million and sales of $8.3 billion. “We delivered a solid first quarter in which we grew net income and increased cash flow,” said chief executive officer Ulrich Spiesshofer. “In a challenging environment, we doubled large orders and kept base orders steady,” he said.
ABB had won a $900 million order to connect the Norwegian and German power grids. Revenues however fell ten percent to $8.5 billion due to the negative exchange impact of a stronger dollar in the first quarter. Total orders were flat in dollar terms but grew 15 percent on a like-for-like basis. Orders of over $15 million doubled, the group said, and represented 23 percent of total activity compared with 12 percent in the same quarter a year ago.
