ABB Raises 2021 Revenue Outlook After Stronger-Than-Expected 1Q
April 15 2021 - 01:34AM
Dow Jones News
By Mauro Orru
ABB Ltd. said Thursday that it is raising its revenue guidance
for 2021 after preliminary figures for the first quarter showed a
stronger-than-expected market development, particularly in the
latter part of March.
The Swiss engineering company said it now expects comparable
revenue growth of around 5% or higher in 2021, instead of
comparable revenue growth broadly in line with its long-term target
range, as previously expected.
The decision comes as ABB said first-quarter revenue rose to
around $6.90 billion from $6.22 billion on year, while orders
increased to about $7.75 billion from $7.35 billion.
ABB's operational earnings before interest, taxes and
amortization margin for the quarter rose to around 13.5% from
10.2%, the company said.
"Quarterly demand is likely to have been supported by customer
stock-building activities related to both component availability
constraints and rising commodity prices in the industry," ABB said
in a statement.
ABB will publish full first-quarter results on April 27.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
April 15, 2021 01:19 ET (05:19 GMT)
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