According to ABB President and CEO Ulrich Spiesshofer, in an interview with CNBC Squawk Box Europe, Asia, the Middle East and Africa performed very well. ABB's first quarter earnings report showed that orders in the region grew by 20%. Investment in infrastructure demand, upgrades and industry aspects, as well as automation, performed very strongly in the first quarter. ABB's first quarter profit reached $572 million, better than market expectations of $562 million. Revenue reached $8.63 billion, which was also better than the expected $8.39 billion. But the earnings report shows regional differences in ABB's orders. European orders fell by 3%, the number in the Americas was stable, and orders in Asia, the Middle East and Africa grew by 20%. ABB said that large orders and basic orders from the mainland, India and the United Arab Emirates (UAE) are all positive. Spiesshofer said ABB is bringing power from any power plant to any power-consuming area. Renewable energy is on the rise and electric cars are coming, which will be a good opportunity for ABB. ABB is shaping the world by providing products to participate in growth. After the transition year of 2017, ABB has completed its restructuring and become more powerful. However, despite the positive trend in Europe and the United States in the short term, the mainland economy will continue to grow, but the uncertainty of oil prices and exchange rates is expected to continue to affect the company's performance. Spiesshofer said that ABB's grid business has been in trouble for several years, and the company is also facing pressure from more shareholders to abandon the grid business. ABB has improved the basic performance of the business, changed its business model, and cut certain business models, thus affecting revenue. But the business is the world's first asset in the power sector, and the profit is far ahead of the competition, ABB will continue to improve the business in the future.
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