ABB - ABB ups sales profit targets; plans e-mobility IPO

ABB (NYSE:ABB) raises its targets for sales and profitability, anticipating positive market momentum in 2022 while continuing to cope with supply chain disruptions. Ahead of its capital markets day, ABB says it expects annual sales to rise 4%-7% through the economic cycle, up from the 3%-5% annual growth rate it previously targeted, while also lifting its profit outlook as measured by EBITA of "at least" 15%, compared with its prior target of 13%-16%. The company believes it is poised to benefit from important secular trends: "For example, energy efficiency is a key driver for decarbonizing the economy, including the industrial sector, while declining working age populations and rising labor costs are driving demand for automation in industrial and other sectors." ABB also says it plans an IPO in Switzerland for its e-mobility electric vehicle charging business during next year's H1. ABB shares have gained 29% YTD and 38% over the past

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ABB ups sales, profit targets; plans e-mobility IPO