ABB announces Q1 2017 results
ABB has announced its first quarter results for 2017, delivering its second consecutive quarter of revenue growth, according to the company press release.
“We are seeing the first signals of market stabilization in some process industries, as well as some growth signals in early-cycle businesses. Power Grids’ order pattern for the quarter reflects a Chinese HVDC project, which was awarded in Q1 2016. Overall, underlying demand in China remains positive,” said ABB CEO Ulrich Spiesshofer.
Total orders in Power Grids were lower than the same quarter a year ago, primarily due to the timing of large contract awards.
Revenues in Power Grids were 4% higher (2 percent lower in USD) due to steady execution of a healthy order backlog. Operational EBITA margin was 10.3%, driven by higher revenues, improved productivity, solid project execution and continued cost savings.
With the current macroeconomic and geopolitical developments in mind as well as the ongoing transformation of ABB, the company expects 2017 to be a transitional year.