Switzerland-based power and automation company ABB reported sales for the third quarter of $10.5 billion, an increase of 2 percent compared to the same period a year ago. Profit increased 10 percent to $835 million.
Growth was led by demand from both industrial and utility customers for products and solutions that help them increase the productivity and reliability of existing assets.
Ulrich Spiesshofer, CEO, said, “We drove good order growth in a number of key markets, including China and Germany, and our base orders returned to year-over-year growth. Project tendering activity in sectors like power transmission and oil and gas continues to increase, but the award of large orders remained slow."
For the first nine months, sales for ABB were $28.9 billion, a decrease of 3 percent compared to the same period a year ago. Profit increased 8 percent to $2.3 billion.