Revenue in ABB’s power grids business was fairly static in the first quarter of 2018 at almost $2.39bn, a 1% increase on the $2.35bn posted in the same period last year.
Operational earnings before interest and tax (EBIT) stood at $232m in the first three months of the year, on a par with the $231m in 2017.
The company said an order backlog from the last two quarters was “weighing” on revenue in the power grids business unit.
Orders were up 7% year-on-year to $2.48bn, ABB said.
Overall, ABB reported revenue close to $8.63bn in the first quarter of 2018, an increase of 10% on the $7.85bn posted in 2017.
Group operational EBIT grew 12% to $1.06bn from $943m in the same period of 2017.
Image: ABB
ABB sees steady start
By EBS