FX.co ★ ABB Q2 Profit Climbs, Orders Down; Issues Q3 View, Backs FY24 Forecast

Swiss engineering firm ABB Ltd. (ANN.L, ABB) announced on Thursday that its net income attributable to the company in the second quarter surged by 21% to $1.10 billion, compared to $906 million in the same period last year.

Basic earnings per share increased by 22% to $0.59, up from $0.49 in the previous year.

Operational EBITA rose by 10% year-over-year to $1.56 billion, with an improvement in the operational EBITA margin, which climbed 1.5 percentage points to 19%, up from 17.5% in the previous year.

Revenues saw a modest increase of 1%, reaching $8.24 billion, up from $8.16 billion the prior year. On a comparable basis, revenue growth was 4%.

However, orders dropped by 3% to $8.44 billion, down from $8.67 billion in the previous year. Comparable orders remained flat.

Looking ahead to the third quarter, ABB anticipates a higher sequential growth rate in comparable revenues and expects the operational EBITA margin to be around 18.5% or slightly below.

For the full fiscal year 2024, the company continues to forecast comparable revenue growth of approximately 5%, with an operational EBITA margin of about 18%.