Thursday, July 22, 2010

"Is ABB now an emerging markets play?" (ABB)

Just yesterday we were praising ABB, "Infrastructure: "More Power! ABB Building Longer, More Powerful Transmission in Europe, China" (ABB; GRID)":
The stock is up 9 cents at $18.48.
We are fans (see links below)
The stock is up another 5.6% at $19.49.
From the Financial Times' BeyondBrics blog:
Swiss engineering giant ABB released earnings today - and it looks at first blush like China’s drive to get automatic (see Chinese labour gets the Willy Wonka treatment) is helping to turn the company into an emerging markets play.From the ABB press release:
Regionally, the largest order increase came in the Middle East and Africa (up 27 percent in local currencies) on higher demand mainly in the minerals and oil and gas sectors… Asia orders were higher, driven mainly by the need for industrial automation equipment.
Overall, the company’s net income fell slightly - but by a lower margin than forecast. Orders were up, and the company’s boss, Joe Hogan, seems relatively optimistic about the rest of the year. Here’s what he told Reuters:...MORE