ABB doubles full-year sales outlook as recovery gathers pace By Reuters – Investing.com

SourceInvesting.com
SectorEconomy
CountryGulf

© Reuters. FILE PHOTO: The logo of Hitachi ABB is seen at an office building in Zurich, Switzerland September 10, 2020. REUTERS/Arnd Wiegmann

By John Revill

ZURICH (Reuters) – ABB doubled its full-year sales outlook on Thursday, in the latest sign of a global manufacturing revival, with the engineering company also pointing to an improvement in oil and gas sectors in the second half.

The maker of factory drives and robots said it now expected full-year comparable revenues to rise by just below 10%, above its previous view for a 5% increase.

The improved outlook came after double-digit percentage growth in orders across all of ABB’s businesses in the second quarter, as factories ramped up production after last year’s pandemic-driven downturn and customers rebuilt inventories.

Process industries – helped by the higher oil prices which enable them to invest in new equipment – are expected to see a revival during the second half of 2021, ABB added.

During its second quarter, ABB’s revenues rose 21% from...read more...