April 19, 2018 / 4:55 AM / a month ago

ABB's first quarter profit beats forecasts

ZURICH, April 19 (Reuters) - ABB reported its best start to the year since 2015 on Thursday, a sign the Swiss engineering company’s turnaround plan had started to gain traction.

The power transmission and automation company reported net profit of $572 million for its first quarter, beating forecasts of $562 million in a Reuters poll of 24 analysts.

Revenue rose 10 percent to $8.63 billion, also beating forecasts for $8.39 billion. Operational earnings before interest, tax and amortisation rose to $1.06 billion, while the margin of 12.3 percent was within ABB’s target range of 11 to 16 percent.

Revenue and operating EBITA were at the highest level since the first quarter of 2015, when ABB started implementing its Next Level strategy under Chief Executive Ulrich Spiesshofer.

Reporting by John Revill, edited by John Miller

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