The maker of industrial robots, drives and motors, said its first quarter revenues had risen by 11 per cent to $6.90 billion from $6.22 billion a year earlier, as customers rebuilt their inventories and customers in the commodities sectors reinvested in equipment.
On a like-for-like basis, which excludes the impact of currency swings, ABB’s revenues increased by 7 per cent. The company had previously guided for a full year increase in line with its long term goal of a 3 per cent to 5 per cent increase.
The engineering company also reported first quarter orders rising 1 per cent to $7.75 billion, while its operational profit margin (EBITA) increased to 13.5 per cent from 10.2 per cent a year earlier.
“Quarterly demand is likely to have been supported by customer stock-building activities related to both component availability constraints and rising commodity prices in the industry,” ABB said.
ABB said it expects a recovery in the process industries, which include oil and gas, in the second half of the year. The company is due to report its first quarter figures on April 27.