ABB Group of Zurich, Switzerland reported higher revenues and earnings across all of its divisions for the third quarter. Corporate revenues increased by 8 percent to $10.5 billion, compared to $9.7 billion for the third quarter of 2012. The firm’s net income was $835 million – a 10 percent increase over the $759 million reported for the third quarter of 2012. The company recorded a 2 percent drop in orders – from 9,295 during the third quarter of 2012 to 9,089 for the same period this year.
“It was a solid quarter where we executed well to grow revenues, earnings, cash and net income despite the continued mixed business climate,” said Ulrich Spiesshofer, CEO, in a company press release. “We drove good order growth in a number of key markets, including China and Germany, and our base orders returned to year-over-year growth. Project tendering activity in sectors like power transmission and oil and gas continues to increase but the award of large orders remained slow.”
According to the company, the global business environment remained mixed during the third quarter. Demand in early-cycle businesses grew in line with macroeconomic developments. Growth was led by demand from both industrial and utility customers for products and solutions that help them increase the productivity and reliability of existing assets.
“Looking ahead, the long-term growth drivers are fully intact but several forward-looking indicators are mixed and we still face some near-term market uncertainty,” Spiesshofer said. “But even in a volatile environment, our strong market positions, leading technologies and broad business portfolio will allow us to capture profitable growth opportunities. Therefore, we will continue to drive the top line in a very targeted way while executing on cost, business-led collaboration and improved capital efficiency.”Tagged with tED