Switzerland-based power and automation company ABB reported first-quarter sales of $6.9 billion, an 11% increase over the first quarter of 2020. The company reported profit of $502 million, up 34% drop compared to the year-ago period.
“Market activity continued to recover from its lowest point during the summer 2020,” said Björn Rosengren, CEO of ABB. Demand was especially strong in the short-cycle business, beyond our expectations. The increased customer activity, in combination with the impact from previously implemented cost measures, resulted in double-digit growth in Operational EBITA, and a very high first quarter margin of 13.8%.