ABB buoyed by clean power
Renewables integration boosts demand for transformers and digital solutions
ABB reported 5% growth in base orders for its products, such as transformers, buoyed by the continued integration of renewable energy by utilities last year.
The renewables drive also improved orders for automation and digital solutions, the Swiss company said in its 2017 results.
Revenue was up 1% to just over $34.3bn last year from $33.8bn in 2016, while net income jumped 17% to over $2.2bn compared with under $1.9bn the previous year.
ABB said the higher income was primarily down to “lower transformation-related restructuring and restructuring-related expenses and net gains recorded on the business divestments in the year”.
The company added that the outlook is healthy with positive macroeconomic signals in Europe and the US and continued growth expected in China.