Looks like ABB (NYSE:ABB) picked a good time to get its stuff together. With good demand in Asia for power and automation projects, and an eventual refurbishment and upgrade cycle for the power industry on the way in the United States, ABB looks poised for a few more good years.

Overall reported revenue growth of 2% may not look so special, but the power business saw revenue rise 13%, while the automation business climbed 3%. New orders were even stronger, rising 7% companywide, 17% in power, and 8% in automation. Profitability was also significantly better, with earnings before interest and taxes (EBIT) rising 108% overall, 64% in the power business, and 25% in the automation business.

I've been on the power-utility theme for a while now, and I haven't seen anything to really discourage me yet. Big players like General Electric (NYSE:GE), Siemens (NYSE:SI), and ABB are in line for all manner of new business, from new plants in China and India to improved reliability and transmission systems in the U.S. and Europe.

I don't expect the same sort of near-term growth in automation as I do in power. However, I believe that new capacity demand in Asia, combined with replacement and improvement in the Western hemisphere, should create enough business to keep ABB, Honeywell (NYSE:HON), and Rockwell (NYSE:ROK) profitably busy.

What's interesting to me is that we could see another leg of growth kick in next year. Asia is the big story now for ABB, fueling revenue and order growth, but management expects government initiatives like the U.S. energy bill and interconnection efforts in Europe to start making a difference in 2007. Continued high prices for energy and minerals could stimulate even more demand for process automation equipment in those sectors.

Sadly enough, the easy money here is already in the pockets of those who bought at or below the $6 range. But with at least a couple more good years to come in the power business, I wouldn't rush to sell all my shares here just yet.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).