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ABB optimistic in short term as China orders rise
By Richard Fu |
July 27, 2012, Friday
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Print Edition
Print Edition
SWISS engineering firm ABB said it's more upbeat about the short-term outlook in part due to rising orders from China.
The company said yesterday that although China orders declined 2 percent in the second quarter from a year earlier they improved from the first quarter.
ABB, which makes factory robots, power transmission equipment and other electric devices, cited China's strengthening construction market and also improved performance at its low-voltage unit following the acquisition of US manufacturer Thomas & Betts.
"The macroeconomic view remains uncertain, but the positive developments we've seen in China, the continued strength of the US market and our resilience in Europe make us more confident about the short-term outlook than we were three months ago," Chief Executive Officer Joe Hogan said.
ABB said second-quarter net profit fell 27 percent from a year earlier to US$656 million, missing market estimates.
The decline was partly due to a strengthening US dollar.
The company said yesterday that although China orders declined 2 percent in the second quarter from a year earlier they improved from the first quarter.
ABB, which makes factory robots, power transmission equipment and other electric devices, cited China's strengthening construction market and also improved performance at its low-voltage unit following the acquisition of US manufacturer Thomas & Betts.
"The macroeconomic view remains uncertain, but the positive developments we've seen in China, the continued strength of the US market and our resilience in Europe make us more confident about the short-term outlook than we were three months ago," Chief Executive Officer Joe Hogan said.
ABB said second-quarter net profit fell 27 percent from a year earlier to US$656 million, missing market estimates.
The decline was partly due to a strengthening US dollar.
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