ABB Swings to 4Q Loss
February 04 2021 - 2:05AM
Dow Jones News
By Joshua Stein
ABB Ltd. said Thursday that it swung to a loss in the fourth
quarter while revenue rose.
The Swiss engineering company said quarterly net loss was $79
million compared with a profit of $325 million in the same period
last year. Its operational earnings before interest, taxes and
amortization increased 16% to $825 million.
ABB's revenue rose 2% to $7.18 billion, while the company's
orders for the quarter rose 2% to $7.00 billion.
The company proposed an ordinary dividend of 0.80 Swiss francs
($0.89) a share for 2020, which is subject to shareholder approval
at the annual general meeting.
Analysts had forecast ABB's net income at $104 million,
operational Ebita at $768 million, and revenue at $6.94 billion for
the quarter, according to a consensus provided by the company.
ABB said market conditions improved in comparison to the third
quarter, with orders staying broadly stable after a strong
performance by the company's industrial automation's marine
business. Strong performances by ABB's electrification and motion
businesses supported operating margins.
Write to Joshua Stein at joshua.stein@wsj.com
(END) Dow Jones Newswires
February 04, 2021 01:50 ET (06:50 GMT)
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