Strong performance in the oil and gas sector helped ABB to post higher than expected third quarter orders in 2014.
Despite the strong order sheet, the Swiss firm have warned that the global economy’s prospects for the coming years remains uncertain.
Orders rose 24% to $11.2bn from the second quarter of 2014. Orders were boosted by larger contracts – representing a quarter of the total – including an $800 million order for a subsea power link in Scotland. Service orders rose 10%.
But momentum for its smaller orders slowed, with quarterly growth of 3 percent compared to an increase of 9 percent in the second quarter, reflecting a gloomier outlook for the globaleconomy.
“We will carefully manage costs and cash as the short-term outlook for the global economy is increasingly uncertain,” Chief Executive Ulrich Spiesshofer said in a statement.
