Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

ABB dispels industrial gloom to raise full-year outlook

By John Revill

ZURICH (Reuters) -ABB Ltd raised its full-year outlook for sales and profit outlook on Tuesday after the Swiss engineering and technology group reported first-quarter profit ahead of forecasts.

The maker of chargers for electric vehicles and factory robots has seen a strong start of the year, offsetting recent sector concerns about subdued demand, driven by rising interest rates – which undercut demand for goods – and buyer resistance to higher prices.

The JP Morgan Global Manufacturing Purchasing Managers Index dipped to 49.6 points in March, data showed earlier this month, the seventh successive month the forward-looking indicator has been below the no-change threshold of 50 points.

Production at U.S. factories fell more than expected in March, but eked out a modest gain in the first quarter, while industrial activity in Japan and China also struggled.

Still, ABB CEO Bjorn Rosengren pointed to an uptick in orders, up 9% on a comparable basis, as a reason for optimism.

The company has also overcome supply chain bottlenecks, meaning it was able to work through its order backlog to deliver motors, drives and controllers to customers, he said.

ABB had a strong start to the year, with a positive development in most measures, including cash flow,” Rosengren said. This gives us the confidence to raise our 2023 guidance.

ABB now expects to increase its full-year revenue by at least 10% this year, up from its previous expectations for an above 5% growth, and hike its operational profit margin.

The upgrade came after the company increased net profit by 72% to $1.04 billion in the three-month period ended March, beating forecasts for $877 million in a company-gathered consensus of analyst estimates.

The figure was boosted by a $200 million tax gain from the sale of its Power Grids business.

Operational earnings before interest, tax and amortisation increased by 28% to $1.28 billion, beating forecasts for $1.15 billion. Revenue also came in ahead of forecasts, rising 13% to $7.86 billion.

(Reporting by John Revill, Editing by Sherry Jacob-Phillips and Rachel More)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts