Double-digit growth for ABB

ABB, the Swedish-Swiss engineering group, reported double-digit profit and sales increases for the third quarter on Thursday amid continued improvements to operational performance.

Net profit rose 26 percent to $927 million.

Sales rose 22 percent during the quarter to $8.79 billion.

“We continue to benefit from long-term trends to expand and upgrade power infrastructure, improve industrial productivity and lower environmental impact,” Joe Hogan, ABB’s chief executive officer, said in a statement.

Orders rose by seven percent to $8.89 billion, with the order book standing at a total of $27.2 billion at the end of September.

“It’s too early to say how the recent financial-market turmoil will impact our markets in the short term but our operational strength and flexibility, leading technology, competitive cost base and solid balance sheet put us in a good position to meet a tougher market,” said Hogan.

He added the company was set to meet its 2008 financial targets.