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CEO says ABB could hit margin goal earlier than planned -paper

ZURICH, May 3 (Reuters) - Engineering group ABB could hit its operating margin goal much sooner than planned, its chief executive Bjorn Rosengren told Swiss newspaper Finanz und Wirtschaft.

ABB said last week it expects orders and revenues to grow by more than 10% during the second quarter with an operational profit margin of 14%.

“I am pursuing the ambitious margin target of achieving around 15% by 2023. It looks as if we may be able to achieve this target much sooner. In terms of financial performance, we are definitely ahead of schedule,” Rosengren said in an interview released on Monday.

Rosengren said a reorganisation last year that cut had jobs and shifted staff to divisions from the corporate centre was complete.

“We are now a focused industrial company that is less dependent on large orders and more focused on short-cycle business,” he was quoted as saying. (Reporting by Michael Shields; Editing by Alexander Smith)

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