ABB reports profits boost for 2011
Swiss engineering group ABB has posted a 24 per cent increase in net income to $3.168 billion (SFr2.9 billion) for 2011.
There was a “solid performance” for the fourth quarter, the group said in a statement, on a combination of strong revenue growth and cost savings.
For 2011 the company reached $40 billion in orders for the first time ever and reported record revenues of $38 billion.
ABB’s products are used by oil, mining and utility companies and it hopes a global push to upgrade electrical grid infrastructure and use energy more efficiently will drive longer term demand.
But it expects price pressure and “an unfavourable business mix” to affect profit margins for the first quarter of 2012, but it remains more optimistic for the rest of the year.
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