Swiss engineering giant ABB is actually seeing strong growth momentum in developing markets ranging via Asia to Africa, the president along with chief executive told CNBC Thursday.
“Asia, Middle East along with Africa is actually definitely performing very well,” ABB’s Ulrich Spiesshofer told CNBC’s “Squawk Box Europe” Thursday, following the company’s first-quarter earnings report of which showed a 20 percent increase in orders in those regions.
“The infrastructure needs nevertheless also the upgrade along with the industry side (have done well), along with the investment in automation — not only in robotics — have made for a very strong quarter, along with I’m very pleased with of which performance,” he added.
Spiesshofer’s comments come after the maker of industrial robots along with power grids reported a better-than-expected first quarter net profit of $572 million, beating forecasts of $562 million in a Reuters poll of analysts. Revenue also rose above forecasts, to $8.63 billion, above an expected $8.39 billion.
The results showed regional differences in orders. Total orders in Europe were down 3 percent, numbers within the Americas were stable, nevertheless they were particularly strong for Asia, the Middle East along with Africa — with orders up 20 percent. Both large along with base orders developed positively in China, India along with the United Arab Emirates, ABB said in its earnings report.