Swiss industrial group ABB says it expects to hit profitable growth targets despite seeing a 7% drop in orders this quarter.
The company, which won North Sea contracts with Dana Petroleum and Statoil in the last quarter, saw revenue and incomes rise despite the fall in orders, due to a restructuring of its power unit.
Orders in Asia and the Middle east droopped by almost a fifth on the same period last year, while European orders fell 2% as doubts continued about the power utility market on the continent.
Second quarter net income rose by 16% to $763million.
“Our outlook for the rest of the year remains unchanged from the end of the first quarter,” said ABB chief executive Joe Hogan.
“Macro indicators are increasingly mixed, which makes predicting the timing of orders more difficult, especially large project orders.
“However, our strong backlog will continue to partly mitigate that uncertainty, while we continue to focus on balancing cost and growth and increasing customer satisfaction.
“We remain confident that our business and regional balance will continue to provide us with profitable growth opportunities.”
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