ABB raises 2021 guidance as customers rebuild inventories

The logo of Hitachi ABB is seen at an office building in Zurich, Switzerland September 10, 2020. Picture taken September 10, 2020. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - ABB raised its full year sales outlook on Thursday, saying it expects to increase its revenues by around 5% or more on a like-for-like basis, citing a strong demand especially towards the end of March.

The maker of industrial robots, drives and motors, said its first quarter revenues had risen by 11% to $6.90 billion from $6.22 billion a year earlier, as customers rebuilt their inventories and customers in the commodities sectors reinvested in equipment.