ABB Ltd a global provider of power and automation technologies today reported first quarter 2008 revenue increase of 29% to $7.96 billion from $6.19 billion a year ago.

First quarter net income increased 87% to $1 billion versus $537 million and basic net income for the quarter 2008 swing 76% to $ 0.44 cent compared to $0.25 cent a year ago.

ABB orders climbed 28% to $10.94 billion from $8.56 billion in the period a year ago, order backlog at the end of March 2008 increased 46% to $26.8 billion from $18.37 billion for the same quarter of 2007.

ABB expects growth rates in 2008 of about 15% to 20% for its power-related activities and about 10% in its automation activities.

Regionally, order growth was strongest in Asia up 42% and 30% in local currencies as demand continued to grow across most market sectors. All divisions except Robotics recorded a double-digit order improvement in the region.

Orders grew 19% in the Middle East and Africa and 13% in local currencies: 13% and were especially strong in power products and process automation, reflecting in large part new investments to expand the metals and mining sector in the region.

Orders in the North and South America grew 14% and 7% in local currencies and were higher in all divisions except power systems, where orders decreased in Canada and Brazil.

The volume of large orders (more than $15 million) rose 55% (39% in local currencies) in the first quarter to $1.7 billion. Base orders (less than $15 million) were up 24% (13% in local currencies)

Revenues continued to grow strongly, reflecting execution of the large order backlog as well as increased demand in the quarter. The revenue improvement also reflects price increases implemented to offset higher raw material costs.

The order backlog at the end of March amounted to $26.8 billion, $8.4 billion higher (46%; 30% in local currencies) than at the end of the first quarter of 2007, and $4 billion higher than at the end of 2007 (up 18%; 13% in local currencies).

High growth rates continued in Asia, led by China and India, and in the Middle East and Africa.

ABB (ABB: chart) stock in New York trading rose $1.79 to $30.24 at mid-day.

3M Company a diversified technology company with industrial and transportation, healthcare today reported first quarter 2008 sales rise of 8.9% from a year ago to $6.5 billion.

First quarter net income was $988 million or $1.38 per share versus $1.4 billion or $1.85 per share in the first quarter of 2007. Included in first quarter 2007 results are net gains of $422 million, or $0.57 per share.

Business segment industrial and transportation sales were up 9.6% in local currencies, including 4% from acquisitions. Sales increased 17.1% to $2.1 billion and profits were up 5.2% to $472 million. Operating margin in the segment was 22.6%.

Health care Sales rose 12% to $1.1 billion. Local-currency sales growth in the quarter was 5.9% including 0.8% from acquisitions.

Display and graphics sales declined 5.9% to $871 million, with local-currency sales down 9.1%. Optical sales were down 16% with profits down 50%.Operating profits were $187 million, with a 21.5% margin.

Safety, security and protection services sales rose 13.4% to $859 million. Sales growth in local currency was 6.4%, including 1.9% from acquisitions. Profits were up 12.4% to $204 million, with operating margins of 23.7%.

Electronics and communications sales increased 9.2% to $725 million. Operating profits were up 13.6% to $146 million, with margins exceeding 20%, excluding special items in the first quarter of 2007.

The company outlook continues to expect full-year 2008 earnings to increase a minimum of 10% over 2007 earnings-per-share of $4.98, which excludes special items.