Swiss engineering company ABB expects demand for its products to 'normalise' during 2023, it said on Thursday, after customers built up stocks and pre-ordered to avoid supply chain disruptions and component shortages last year.
The logo of Swiss power technology and automation group ABB is seen at a plant in Baden, Switzerland January 28, 2019. REUTERS/Arnd Wiegmann/File PhotoSays demand improved slightly or stable in most areasexpects demand for its products to "normalise" during 2023, it said on Thursday, after customers built up stocks and pre-ordered to avoid supply chain disruptions and component shortages last year.
The company, whose products range from electric chargers for cars and buses to industrial motors and drives, also posted fourth quarter earnings of $1.13 billion, ahead of market forecasts."Looking into 2023, we currently do not anticipate a major set-back in demand, although the high inflationary environment adds uncertainty," said Chief Executive Bjorn Rosengren in a statement.
He said comparable order growth would in the first half of the year be affected by "last year's very high order level coupled with a normalization of customers' order pattern."
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