ABB posts Q4 net profit of $1.13 billion, beating forecasts

ABB posts Q4 net profit of $1.13 billion, beating forecasts

ZURICH (Reuters) – ABB reported better than expected earnings for its fourth quarter on Thursday, posting net profit of $1.13 billion as the Swiss engineering and group said it expected strong growth at the start of 2023.

The company, whose products range from electric chargers to cars and buses and industrial motors and drives, had been forecast by analysts to post net profit of $718 million.

It said it now expected double-digit comparable revenue growth in the first quarter of 2023, and an increase above 5% for the year as a whole “despite market uncertainty.”

(Reporting by John Revill; editing by John Stonestreet)

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