Industrial giant ABB is reporting a 3 per cent growth in total orders across its operation, but most of it seems to be coming from robotics.
Net income was $525 million – for the second quarter ending July 6. Gross profit, however, was down 5 per cent, and was only $1 billion. Total revenues were up 1 per cent at almost $8.5 billion.
ABB CEO Ulrich Spiesshofer says: “In Q2, ABB continued to build its growth momentum as our targeted initiatives are delivering. Order growth was broad-based and across all regions.
“Our industry-leading digital offering, ABB Ability, is taking off and starting to contribute to growth.
“Operational performance in the power grids and industrial automation divisions was solid in the quarter. Electrification products and robotics and motion improved margins sequentially, but were not able to fully compensate commodity price headwinds and overcapacity during the quarter. Continue reading Robotics and automation news is good for ABB, says CEO