ABB first-quarter earnings surge  

ABB, the biggest producer of power-distribution equipment, said first quarter earnings before interest and taxes surged to 1.05 billion compared with 1.01 billion a year before.

Sales increased 6% to 8.9 billion while orders soared 2% in local currencies reflecting the improvement in some businesses.

The CEO of the Swiss company said “we saw improved profitability in several businesses compared to the end of last year, and we intend to build on that momentum to tap the many opportunities we see for profitable growth over the rest of the year.”  

He added that his company is planning to adopt a 1 billion cost-saving plan this year to combat weaker prices.