ABB 3Q Adjusted Earnings, Revenue Beat Expectations
October 23 2020 - 1:35AM
Dow Jones News
By Pietro Lombardi
ABB Ltd. posted better-than-expected revenue and adjusted
earnings for the third quarter, helped by a strong recovery in
China and cost-savings efforts, and despite the continued impact of
the coronavirus pandemic.
The Swiss engineering company said Friday that operational
earnings before interest, taxes and amortization--an adjusted
metric that measures income from operations--was $787 million in
the third quarter, down 2% on year.
Net profit for the quarter, which includes gains on the sale of
the company's Power Grids business to Hitachi Ltd., was $4.53
billion, compared with $515 million a year earlier.
Revenue fell 4% to $6.58 billion, while orders declined 9% to
$6.11 billion.
Analysts had forecast ABB's third-quarter revenue at $6.30
billion, operational Ebita at $689 million and net income at $4.94
billion, according to a consensus provided by the company.
"ABB expects fourth-quarter order and revenue growth rates to
remain challenged on a year-on-year basis and revenue growth rates
to decline sequentially," it said.
Fourth-quarter operating margins should grow on year but decline
from the third quarter.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
October 23, 2020 01:20 ET (05:20 GMT)
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