After a strong first quarter, ABB (ABBN.S) upped its full-year sales and profit projection on Tuesday.
The producer of electric car chargers, industrial motors, and drives said it now anticipated raising revenues by at least 10% this year, up from 5% earlier, and increasing its profit margin.
The company’s three-month net profit surged 72% to $1.04 billion, exceeding analyst predictions of $877 million.
$200 million tax benefit from Power Grids sale raised the amount.
Operational profits before interest, tax, and amortization rose 28% to $1.28 billion, above expectations of $1.15 billion. Revenue rose 13% to $7.86 billion, above projections (7.55 billion).
