ZURICH (Reuters) -ABB on Thursday reported better-than-expected profit during its first quarter as the Swiss industrial group said it also planned to spin off its robotics division.
The maker of factory robots, electric motors and drives said its operational earnings before interest, tax and amortisation (EBITA) rose 13% to $1.59 billion, beating analyst forecasts for $1.48 billion.
The figure was boosted by a higher profit margin and a 120 million Swiss franc ($146.93 million) gain from the sale of some property to the city of Zurich.
Sales rose 1% to $7.94 billion in the three months to the end of March, missing analyst forecasts for $8.16 billion in a company-gathered consensus.
ABB also said it has started preparations to spin off its robotics division, which generated revenue of $2.3 billion in 2024.
The company plans to complete the 100% spin-off to shareholders, with the intention for the business to start trading as a separately listed entity in the second quarter of 2026.
($1 = 0.8167 Swiss francs)
(Reporting by John Revill, Editing by Miranda Murray)
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