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ABB Q4 profit beats forecasts

Randy Mancini 14 Feb 3
Man takes pictures of logo of Swiss power technology and automation group ABB ahead of a news conference to present full year results in Zurich
FILE PHOTO: A man takes pictures of the logo of Swiss power technology and automation group ABB ahead of a news conference to present the company's full year results, in Zurich, Switzerland, February 8, 2018. REUTERS/Moritz Hager

February 3, 2022

ZURICH (Reuters) – ABB reported better-than-expected profit during its fourth quarter on Thursday as the Swiss engineering group saw significantly higher demand but was held back by ongoing disruptions in its supply chain.

The maker of fast chargers for electric vehicles and industrial drives for factories reported net income of $2.64 billion beating forecasts for $2.42 billion in a company gathered consensus of analyst forecasts.

Operating earnings before interest, tax, and amortisation (EBITA) increased 20% to $988 million, better than forecasts of $983 million.

(Reporting by John Revill, editing by Kirsti Knolle)