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ABB - Abb News Story

$33.74 0.9  2.8%

Last Trade - 21/06/21

Sector
Industrials
Size
Large Cap
Market Cap £48.79bn
Enterprise Value £50.08bn
Revenue £19.25bn
Position in Universe 194th / 6942

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

Mon 3rd May, 2021 4:00pm
ZURICH, May 3 (Reuters) - Engineering group ABB  ABBN.S 
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%.  urn:newsml:reuters.com:*:nL8N2MK0OE
    "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)
 ((Michael.Shields@thomsonreuters.com; +41 41 528 3630; Reuters
Messaging: michael.shields.thomsonreuters.com@reuters.net))
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