ZURICH :ABB shrugged off rising global uncertainties like the war in Ukraine and increasing inflation to post a big jump in orders during the engineering and technology company's first quarter.
"ABB has started the year with a promising performance in the face of multiple external uncertainties," CEO Bjorn Rosengren said.ABB, which competes with Germany's Siemens and France's Schneider Electric, is seen as a barometer for the global economy with its drives and control systems used in the transport sector and factories.
"Notably, the high order intake was driven by high general customer activity and not by large orders," Rosengren said. For the second quarter, ABB said it anticipates the underlying market activity to remain broadly similar to the start of the year, with higher revenue also boosting profit margins.
Source: News Formal (newsformal.com)
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