ABB’s latest financial report shows the strength of the industrial giant’s robotics division, according to CEO Ulrich Spiesshofer.
The company is reporting an increase in revenues of 4 percent, and puts it down to “strong growth in robotics and motion”.
ABB also singled out its industrial internet of things platform, ABB Ability, saying it currently “drives growth across all divisions”.
Revenues were up 4 percent across the group, increasing to $27.7 billion.
Revenues also picked up towards the end of the year, with the most recent quarter showing a 5 percent increase, and total orders up 7 percent.
The company said cash flow from operating activities during the quarter were “solid” at $1.9 billion.
Commenting on the report, Spiesshofer says: “In 2018, we brought the company back to growth and delivered solid order and revenue growth.
“We drove topline momentum with our leading robotics and motion offering and played a strong role in the ongoing recovery of process industries with our industrial automation business and ABB Ability digital solutions.
“We will continue to drive the operational improvements in electrification products and our company overall.
“At the end of 2018, we set the course for a new ABB as a pioneering technology leader in digital industries. We announced three transformational actions to focus our portfolio, simplify and fundamentally reset our business model as well as strengthen the leading business positions of our company.”
ABB adds that “demand across discrete industries remained solid”, including continued growth from the food and beverage sector.
Demand was also strong in the automotive market, with customers seeking robotics solutions for both internal combustion engine and electric vehicle assembly lines, “more than offsetting softer investments from customers in the consumer electronics sector”.
The report notes: “Revenues improved 5 percent to $7.4 billion (9 percent in US dollars), with strong growth in robotics and motion, robust performance from electrification products and a steady result from industrial automation.
“Service revenues were up 4 percent (8 percent in US dollars), enhanced by ABB’s leading digital portfolio, ABB Ability solutions.
“Services represented 20 percent of total revenues, steady versus the prior year period.”