ABB makes a billion in three months
Swiss engineering group ABB has reported a net profit of $1 billion (SFr1.02 billion) for the first quarter, benefiting from global demand for power infrastructure.
The figure was up 87 per cent compared with the same period last year and was far above market expectations. Average analyst forecasts were below $800 million.
ABB said in a statement from its Zurich headquarters on Thursday that sales had gained 29 per cent to $7.96 billion.
Group interim chief executive Michel Demaré said demand from utilities and most major industrial markets remained strong around the world, particularly in emerging markets.
ABB repeated a 2008 growth target for power-related activities of 15-20 per cent and about ten per cent for its automation division, which makes industrial robots and factory machines.
The company is at present without a chief executive after Fred Kindle stepped down in February after clashing with the board over strategy.
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