ABB profit jumps 31%
Net income for the first quarter of the year reaches $724m
ABB’s net income for the first quarter of the year rose 31% to $724m driven by the sale of its high voltage cable business.
Overall revenue increased 3% to $7.8bn as orders slipped 3%, the Swiss company reported.
Orders at its power grids and electrification business were down 17% due to the timing of large contract awards while revenue was up 4% thanks to the steady execution of its order backlog.
Demand at the unit is driven by utilities’ continued investments to upgrade aging power infrastructure and to integrate renewable energy into the grid, according to ABB.