Zurich-based ABB reported record third-quarter orders of $12 billion, up 40% from a year earlier, with US orders climbing 82%. The company said utilities are investing in grid refurbishment and build-out to secure power availability, while data center demand remains a major driver.
ABB's electrification segment booked record orders of $7.67 billion, a 70% increase, with Americas electrification orders up 117%. Chief Financial Officer Christian Nilsson called data centers the standout customer segment, but added that general grid investment and build-out also show strong growth.
Net income slipped 2% to $1.9 billion, partly due to $115 million in non-cash hedging charges tied to the ongoing acquisition of Rotork. ABB also announced a joint venture with Mitsubishi Electric's low-voltage power distribution business, taking a 51% ownership share.