ABB's net income up 43%
Firm cites strong industrial growth as reason for $893m revenue
ABB’s second quarter net income has risen by 43 per cent to $893 million, with the firm citing strong industrial growth, higher earnings in the power systems division and the contribution from recent acquisitions.
Revenues rose by 17 per cent and orders by 18 per cent from the second quarter of 2010, with the company expanding in both mature and emerging markets.
“This was a strong quarter where we continued to execute well, driving further revenue growth, cash generation and a solid increase in shareholder returns,” said Joe Hogan, ABB’s CEO. “We’re pleased with the growth and results in the quarter and for the first half of the year.”
“Looking ahead, it’s clear that macroeconomic concerns around public debt and inflation have increased recently. However, based on what we know today, we continue to expect strong demand for productivity and energy efficiency solutions in industry and a recovery in power transmission demand in the second half of the year.”