ABB Q2 Profit Down, Orders Rise; Sees Margin Improvement In FY22 - Quick Facts

Swiss engineering company ABB Ltd.(ANN.L,ABB) reported Thursday that its second-quarter net income attributable to the company declined 50 percent to $379 million from last year's $752 million.

Basic earnings per share were $0.20, down 47 percent from $0.37 a year ago.

Operational EBITA was $1.14 billion, up 2 percent from prior year's $1.11 billion. Comparable operational EBITA grew 9 percent.

Revenues dropped 3 percent to $7.25 billion from last year's $7.45 billion. Comparable revenue growth was 6 percent.

Orders were $8.81 billion, a growth of 10 percent on a reported basis and 20 percent on a comparable basis.

Looking ahead for the third quarter, the company anticipates double-digit comparable revenue growth and the Operational EBITA margin to sequentially improve, excluding the 60 basis points positive impact from special items in the second quarter.

For fiscal 2022, the company expects a steady margin improvement towards the 2023 target of at least 15 percent, supported by increased efficiency.

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