ZURICH (Reuters) – ABB raised its full year sales outlook on Thursday, saying it expects to increase its revenues by around 5% or more on a like-for-like basis, citing a strong demand especially towards the end of March.
The maker of industrial robots, drives and motors, said its first quarter revenues had risen by 11% to $6.90 billion from $6.22 billion a year earlier, as customers rebuilt their inventories and customers in the commodities sectors reinvested in equipment.
On a like-for-like basis, which excludes the impact of currency swings, ABB’s revenues increased by 7%. The company had previously guided for a full year increase in line with its long term goal of a 3% to 5% increase.
“Quarterly demand is likely to have been supported by customer stock-building activities related to both component availability constraints and rising commodity prices in the industry,” ABB said.
(Reporting by John Revill; editing by Brenna Hughes Neghaiwi)