ZURICH: ABB raised its full year outlook for sales and profit outlook on Tuesday after the engineering and technology group reported first quarter profit ahead of forecasts.
The maker of chargers for electric vehicles, industrial motors and drives said it now expected to increase its revenues by at least 10% this year, up from 5% previously, and increase its profit margin.
The company said its net profit rose 72% to $1.04 billion in the three months to the end of March, beating forecasts for $877 million in a company-gathered consensus of analyst estimates.
The figure was boosted by $200 million tax gain from the sale of its Power Grids business.
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Operational earnings before interest, tax and amortisation increased by 28% to $1.28 billion, beating forecasts for $1.15 billion.
Revenue came in ahead of forecasts (7.55 billion), rising 13% to $7.86 billion.
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