ABB: Announces higher targets for sales and profits

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ABB announced higher targets for sales and profits as the Swiss engineering group is expected to benefit from higher demand from recovering economies and from trends such as shrinking workforce and carbonization.

The manufacturer of industrial automation and factory robots, said that it expects sales per year to increase 4% -7% from the previous estimate of 3% -5%.

In the new targets, announced this morning, ABB said it also aims to increase its profitability.

ABB announced a 7% drop in revenue in 2020 to $ 26.1 billion and a net profit of $ 5.146 billion.

The company stressed that it is in a good position to take advantage of trends such as the demand for increased energy efficiency and rising labor costs, and the shrinking working-age population, leading to the demand for industrial automation and robots.

“Our leadership in electrification and automation technology, in line with sustainability and global trends, gives us a competitive edge,” said CEO Bjorn Rosengren.

ABB also upgraded estimates for the EVITA margin to 15% “at least” from the previous target of 13% -16%, and during 2020, ABB announced a margin of 11.1%.

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Source From: Capital

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