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by Diane Himes, MA Editorial Staff Posted on Thursday, April 24, 2008 4:20:13 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | The automation provider records a 29% increase in first-quarter sales, showing no ill effects from the economic weakness at hand. |
| Keywords: | ABB financials, ABB quarterly results |
Switzerland-based automation giant ABB today reported sizable increases in quarterly sales and income, attributing the performance largely to strong global demand in its power businesses, as well as a successful bid to reduce operational costs.
In the quarter ended March 31, ABB’s revenue totaled $7.96 billion, a 29% increase over the $6.19 billion it recorded in last year’s first quarter. Net income topped $1 billion, compared with $537 million in the year-earlier period, while earnings before interest and taxes (EBIT) hit a record $1.4 billion, a 65% year-over-year increase.
The company reported that orders, revenue, and EBIT rose across all divisions and geographic regions. Specifically, ABB attributed its strong sales to utility companies’ continued investment in new and refurbished power infrastructure and the trend of industrial customers flush with cash from high commodities prices — particularly in the metals, minerals, and marine sectors — expanding capacity. ABB’s orders rose to $10.94 billion in the quarter from $8.57 billion in the year-earlier period.
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