Zurich, Switzerland automation and power system manufacturer ABB reported that its order growth accelerated and revenues rose in the third quarter on a combination of continued growth in demand from industrial customers and an increase in large power orders. All the same, the group's net profits fell by just over 25% in the third quarter compared to the same period last year.
ABB won a major order in the quarter to connect an offshore wind farm to the German grid and experienced strong demand from a wide range of industries, including minerals and metals, discrete manufacturing and solar power, said the company in a release announcing its results. Growth in these areas more than offset continued weak utility investments in power transmission equipment in most regions.
“Demand from our industrial customers grew significantly in the quarter, especially in the emerging markets, as they increased capacity and invested in solutions to increase energy efficiency and productivity,” said Joe Hogan, ABB's CEO. “Utility spending in power transmission equipment remains muted, a trend that we expect to continue into next year. Still, we see plenty of opportunities for growth, especially in areas like renewable energy and industrial efficiency, and in the fast-growing emerging economies.”